Gold Price Today: Check 22, 24 Carat Prices in Your City on July 26

Gold Rate Today in India: On July 26, gold prices in India fell below Rs 70,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold trading at Rs 69,940 per 10 grams. For those interested in jewellery, 22-carat gold, which is more durable due to its light alloy mix, was trading at Rs 64,140 per 10 grams.

The government on Tuesday cut import duties on a range of products, including gold and silver.

Also read: ‘Gold prices could rise by Rs 18,000’: Bullion experts suggest buy-sell strategy

Basic customs duties (BCD) on precious metal coins, gold/silver finds and gold and silver bars were reduced from 15 percent to 6 percent. For gold and silver it was reduced from 14.35 percent to 5.35 percent.

On Friday, the silver price was 84,500 rupees per kilogram.

Gold Rate Today in India: Retail Gold Price on July 26

Check Gold Rates Today in different cities on 26th July 2024; (In Rs/10 Gram)

India’s dependence on imported gold largely influences domestic prices, which closely follow global trends. In addition, the cultural importance of gold in India, especially during festivals and weddings, can influence demand levels.

“Gold prices fell to 3-week lows and silver prices fell to 11-week lows despite falling US yields. Precious metals continued their decline after strong US economic data raised concerns that the US Fed could cut interest rates in September. Gold and silver saw a heavy sell-off after the People’s Bank of China surprisingly cut its one-year lending rate by 20 basis points to 2.30%,” said Rahul Kalantri, vice-president (commodities) at Mehta Equities Ltd.

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He added that the Chinese economy is under great pressure and that the central bank has also stopped buying gold for its reserves in the past three months. Concerns about Chinese demand are hitting precious metals hard in international markets.

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“Gold has support at $2358-2340 while resistance is at $2400-2418. Silver has support at $27.78-27.55 while resistance is at $28.25-28.48. In INR, gold has support at Rs 67,220-66,900 while resistance is at Rs 67,790-68,100. Silver has support at Rs80,850-80,180 while resistance is at Rs82,420-83,200,” Kalantri said.

Gold Customs Duties in India Reduced

The significant cut in import duties on precious metals will help curb smuggling but will cost the government an annual revenue loss of over Rs 28,000 crore (based on 2023-24 import levels), think tank GTRI said.

In FY 2024, India imported gold worth $45.54 billion and silver worth $5.44 billion, while it exported jewellery worth $13.23 billion.

In terms of volume, India normally imports 800-900 tonnes per year.

In 2022, India raised the basic import duty on gold from 10.75 percent to 15 percent. India is the world’s second-largest consumer of the precious metal.

India meets most of its gold demand through imports, putting pressure on the rupee and the current account deficit.

Seizure of smuggled gold rose to a record high of 3,917.52 kg in 4,798 cases during January-October 2023.

According to government data, 3,502.16 kg of smuggled gold was seized in the country in 2022 and 3,982 cases of smuggling were detected.

In 2021, 2,383 kg of smuggled gold was seized and 2,445 cases were discovered. In 2020, 2,155 kg of smuggled gold was seized and 2,567 cases were discovered.

The precious metal accounts for more than 5 percent of the country’s total imports.

Switzerland is the largest source of gold imports, with a share of about 40 percent, followed by the UAE (over 16 percent) and South Africa (about 10 percent).

Retail Cost of Gold in India

The retail price of gold in India, which reflects the final cost per unit weight to consumers, is influenced by several factors beyond the intrinsic value of the metal.

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Gold is of great cultural importance in India. It is used as a major investment and plays a crucial role in traditional weddings and festivals.

Amidst the ongoing market fluctuations, investors and traders are keeping a close eye on these dynamics. Stay tuned for further updates on this evolving story.

“Gold has support at $2358-2340 while resistance is at $2400-2418. Silver has support at $27.78-27.55 while resistance is at $28.25-28.48. In INR, gold has support at Rs 67,220-66,900 while resistance is at Rs 67,790-68,100. Silver has support at Rs80,850-80,180 while resistance is at Rs82,420-83,200,” Kalantri said.

Gold Customs Duties in India Reduced

The significant cut in import duties on precious metals will help curb smuggling but will cost the government an annual revenue loss of over Rs 28,000 crore (based on 2023-24 import levels), think tank GTRI said.

In FY 2024, India imported gold worth $45.54 billion and silver worth $5.44 billion, while it exported jewellery worth $13.23 billion.

In terms of volume, India normally imports 800-900 tonnes per year.

In 2022, India raised the basic import duty on gold from 10.75 percent to 15 percent. India is the world’s second-largest consumer of the precious metal.

India meets most of its gold demand through imports, putting pressure on the rupee and the current account deficit.

Seizure of smuggled gold rose to a record high of 3,917.52 kg in 4,798 cases during January-October 2023.

According to government data, 3,502.16 kg of smuggled gold was seized in the country in 2022 and 3,982 cases of smuggling were detected.

In 2021, 2,383 kg of smuggled gold was seized and 2,445 cases were discovered. In 2020, 2,155 kg of smuggled gold was seized and 2,567 cases were discovered.

The precious metal accounts for more than 5 percent of the country’s total imports.

Switzerland is the largest source of gold imports, with a share of about 40 percent, followed by the UAE (over 16 percent) and South Africa (about 10 percent).

Retail Cost of Gold in India

The retail price of gold in India, which reflects the final cost per unit weight to consumers, is influenced by several factors beyond the intrinsic value of the metal.

Gold is of great cultural importance in India. It is used as a major investment and plays a crucial role in traditional weddings and festivals.

Amidst the ongoing market fluctuations, investors and traders are keeping a close eye on these dynamics. Stay tuned for further updates on this evolving story.