Gold Prices Drop Again In India, Silver Price Drops Over 4%- Know Latest Prices Here

Gold Prices Drop Again In India, Silver Price Drops Over 4%- Know Latest Price Here

Gold price in India today witnessed sharp drop yet again after remaining steady on July 24, 2024. Gold prices in the country have been declining sharply ever since Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6%. The move by the FM was expected to bring down the yellow metal prices which have been hovering to record high level and prevented customers from buying the yellow metal.

Meanwhile, 22K gold price today in India fell by Rs 950 to Rs 64,000/10 grams and 100 grams of 22 carat yellow metal prices slipped by Rs 9,500 to Rs 6,40,000. 22K precious metal prices witnessed a steep fall of 1.48%, in terms of percentage. 22k gold prices declined by huge Rs 3800 from July 22, 2024 to July 25, 2024.

24K gold prices today in India stood at Rs 69,820/10 grams after sharp drop of Rs 1040 and 100 grams of 24 carat yellow metal prices declined by Rs 10,400 to Rs 6,98,200. 18k gold prices today dived by Rs 770 to Rs 52,370/10 grams and 100 grams of 18 carat yellow metal prices today dropped by Rs 7700 to Rs 5,23,700.

It is worth mentioning here that for jewellery, the total tax stood at approximately 18% that includes the 3% GST. Now it has been brought down to 9% and it would give a big boost to demand of jewellery in the country. India finds itself at second spot in terms of largest consumer of gold after neighbouring China. As per latest data of World Gold Council (WGC), Indians bought 576 tonnes of jewellery and 185 tonnes in the form of bars and coins in calendar year 2023. Also, the FM announced the step of customs duty cut at a time when the country is approaching the festive season.

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Meanwhile, silver prices have been notably weaker than gold in recent weeks and have dropped by nearly 9.2% or more than ₹8,000. Weakness in industrial metals and sluggish manufacturing activity in the US and the EU along with weak Chinese demand continue to weigh on silver prices.

“Since silver has declined so sharply, we don’t deny the possibility of a rebound. But the chart structure is weak. For Comex Silver, this could be the third monthly drop as it dropped by 1.4% , 5.08% in May and June and 4.4% so far in July. The undertone in the bullion commodities have turned weak as the market has almost discounted a rate cut by the Fed in September but the uncertainty remains beyond September Fed action,” Trivedi said.

Going ahead, according to him, ₹80,000 – 79,000 is a short term support, but overall a strong support hovers around ₹73,000 level for the MCX silver. Comex silver may find some support near $26.20 per ounce.

“The outlook is weak. strategy should be to sell on bounce,” Trivedi said.

With Inputs From Agencies

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