Gold prices have seen significant ups and downs in recent months. In July 2024, the price of the yellow metal reached new heights, but following the presentation of Budget 2024, prices fell sharply. Now, gold has once again climbed to a new peak, surpassing ₹77,000 per 10 grams in the domestic market. With Diwali 2024 approaching, gold prices are soaring. Let’s take a look at how gold prices have changed over the past week.
Changes in Gold Prices on MCX
First, let’s discuss the price of gold futures that ended on December 5 on the Multi Commodity Exchange (MCX). Gold rates have rapidly increased over the past week, reaching ₹77,750 per 10 grams on the last trading day, Friday. To give you an idea of the change, on the last trading day of the previous week, October 11, gold was priced at ₹76,307 per 10 grams. Over the week, the price has risen by ₹1,443, reaching ₹77,750 per 10 grams.
Increase in Domestic Gold Prices
Now, regarding the domestic market, according to the Indian Bullion Jewellers Association (IBJA) website, the price of 10 grams of 24-carat gold was around ₹76,000 on October 11 and remained stable at ₹76,001 per 10 grams on October 14. On October 16, it increased to ₹76,553, and by October 17, it closed at ₹76,810 per 10 grams. The price continued to rise, reaching ₹77,410 per 10 grams in the domestic market on October 18.
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Gold Prices Based on Quality (According to IBJA)
| Quality | Gold Price |
|---|---|
| 24 Carat Gold | ₹77,410 per 10 grams |
| 22 Carat Gold | ₹75,550 per 10 grams |
| 20 Carat Gold | ₹68,890 per 10 grams |
| 18 Carat Gold | ₹62,700 per 10 grams |
| 14 Carat Gold | ₹49,930 per 10 grams |
The prices listed on the IBJA website do not include 3% GST and making charges. Making charges vary, resulting in changes in gold prices across different cities in the country.
Decline in Gold Prices After the Budget
It’s important to note why there was a significant drop in gold prices following Finance Minister Nirmala Sitharaman’s presentation of the Modi 3.0 budget in Parliament on July 23. The budget announced several changes, one of which was related to gold and silver. The government reduced the customs duty on gold from 15% to 6%, which resulted in a decline of nearly ₹4,000 in gold prices on the day of the budget announcement, and this decrease continued for several days.
Checking Gold Purity
It’s worth mentioning that the prices of gold jewelry fluctuate due to product tax, state taxes, and making charges. Most jewelry is made from 22-carat gold, although some people also use 18-carat gold. The hallmark is inscribed on jewelry according to the carat. For instance, 24-carat gold is marked as 999, 23-carat as 958, 22-carat as 916, 21-carat as 875, and 18-carat as 750.