Gold Rate Today in India: Prices Fall Below Rs 70,000 Per 10 Grams
On July 26, gold prices in India took a significant dip, falling below Rs 70,000 per 10 grams. The premium rate for the highest purity gold stood at Rs 69,940 for 24-carat gold, while 22-carat gold, known for its durability due to its alloy mix, was priced at Rs 64,140 per 10 grams.
This drop in prices comes after the government announced a reduction in customs duties on various products, including gold and silver. The basic customs duty on coins of precious metals, gold/silver findings, and gold and silver bars was cut to 6 per cent from 15 per cent, and to 5.35 per cent from 14.35 per cent for gold and silver dore.
Silver’s price on the same day stood at Rs 84,500 per kilogram, showcasing a different trend from gold.
India’s reliance on imported gold significantly impacts domestic prices, which closely follow global trends. The cultural significance of gold in India, especially during festivals and weddings, also plays a role in demand levels.
Experts suggest that despite falling US yields, gold and silver prices continue to slide due to strong US economic data and concerns about potential rate cuts by the US Federal Reserve in September.
Investors and traders are advised to monitor these market dynamics closely as gold continues to play a crucial role in the Indian economy and culture. Stay tuned for further updates on this evolving story.
