New Delhi: If you have been waiting to buy gold or silver, this week has some good news for you. Prices have dropped. And the ripen has been standing since last week.
Gold fell by Rs 2,106. Silver dropped by Rs 11,250.
Today's Gold Rates:
Here are the latest gold prices as per the Indian Bullion Jewelry Association (IBJA):
| Gold (Karats) | Rate (per 10 gram) |
| 24 Karat | Rs 1,54,240/- |
| 23 Karat | Rs 1,53,620/- |
| 22 Katra | Rs 1,41,280/- |
| 18 Karat | Rs 1,15,680/- |
| 14 Karat | Rs 90,230/- |
Today's silver rates?
As per the Good Returns, Here are the latest silver prices:
Silver 999 Fine — Rs 2,49,090 per kg
Government hiked import duty?
One big reason gold is expensive in India right now is the import duty hike. Earlier the duty on gold imports was 6 percent. The government raised it to 15 percent. That is a jump of 9 percent.
This directly hits the consumer. Higher import duty ways higher prices at the jewellery shop.
PM Modi had once warned?
Prime Minister Narendra Modi had previously urged citizens to cut lanugo on gold purchases. The translating came keeping in mind rising global tensions and unstable market conditions.
Crude oil prices had moreover shot up multiple times. The government wants to protect India's foreign mart reserves. And since India is one of the biggest gold importers in the world, every dollar spent on gold puts pressure on those reserves.
Wedding season is over?
Every year gold demand spikes during the wedding season. Families buy jewellery, coins and ornaments in bulk.
But that season has passed now. With fewer weddings on the calendar, demand has dropped naturally. Less demand ways prices soften.
This is one of the key reasons overdue the current dip in both gold and silver rates.
Should you buy now?
Prices are lower than last week. Import duty remains high. Global markets are still uncertain.
If you have a purchase planned, this dip could be a good window. But alimony watching the market and take consultation with your financial counselor surpassing making a final decision.
