Golden opportunity for affordable Jewelry purchase as Gold and Silver prices continue to drop: Check today’s rates
Golden opportunity for affordable Jewelry purchase as Gold and Silver prices continue to drop: Check today's rates
Gold prices in the domestic market fell to ₹68,227 on Friday
Gold prices in the domestic bullion market dropped to Rs 68,227 per 10 grams on Friday, while silver was available at Rs 81,474 per kilogram. This ongoing decline in precious metal prices is primarily attributed to the reduction in customs duty on gold and silver announced in the Union Budget 2024. According to the Indian Bullion and Jewellers Association (IBJA) website, gold prices have been fluctuating, presenting an advantageous opportunity for buyers.
The Multi Commodity Exchange (MCX) also saw a slight increase in gold prices. On Friday, gold futures for August delivery rose by Rs 267, reaching Rs 67,729 per 10 grams. This recent dip in gold prices has made it significantly more affordable than it has been throughout the year.
Following the budget announcement, gold prices experienced a steep decline, with a sudden drop of Rs 4,000 per tola. This was the largest decrease recorded in the past year. Even today, gold prices have dropped by Rs 1,000 per tola.
The reduction in customs duty has had a substantial impact on the domestic bullion market, providing customers with an opportunity to purchase precious metals at lower prices. According to GoodReturns, as of Friday morning, the price of 22-carat gold is Rs 64,150 per 10 grams, while 24-carat gold is priced at Rs 69,950 per 10 grams. Customers will need to spend Rs 84,500 per kilogram for silver.
While the bullion market sees a decrease in gold and silver prices, futures prices have shown an upward trend. After a significant drop in prices on Thursday, there was a recovery in the futures market on Friday, the last trading day of the week. Gold futures are now around Rs 67,850, and silver futures are approximately Rs 81,400.
International markets have also shown an increase in gold and silver prices. On the MCX, gold’s benchmark August futures opened on Friday with a gain of Rs 528, reaching Rs 67,990.
This continuous drop in gold prices presents a golden opportunity for those looking to invest in jewelry, as prices are at their lowest in recent times.
