Stay updated with the latest gold price today across various cities in India. This detailed guide provides the current gold rates for 22 carat and 24 carat gold in key cities like Delhi, Kolkata, Mumbai, Bangalore, Hyderabad, and more.
Gold Rate in Major Indian Cities on July 24, 2024
| City | 22 Carat Gold Rate Today (Rs/10 grams) | 24 Carat Gold Rate Today (Rs/10 grams) |
|---|---|---|
| Delhi | 65,090 | 71,000 |
| Mumbai | 64,940 | 70,850 |
| Ahmedabad | 64,990 | 70,900 |
| Chennai | 65,490 | 71,450 |
| Kolkata | 64,940 | 70,850 |
| Gurugram | 65,090 | 71,000 |
| Lucknow | 65,090 | 71,000 |
| Bengaluru | 64,940 | 70,850 |
| Jaipur | 65,090 | 71,100 |
| Patna | 64,990 | 70,900 |
| Bhubaneshwar | 64,940 | 70,850 |
| Hyderabad | 64,940 | 70,850 |
Understanding Gold Prices in India
Gold prices in India are influenced by various factors, including global gold rates, import duties, and domestic demand. India imports a significant amount of gold, making the domestic prices highly sensitive to international market fluctuations.
The cultural importance of gold in India, especially during festivals and weddings, also plays a crucial role in shaping demand and, consequently, the prices. For instance, the demand for gold usually spikes during Diwali and wedding seasons, driving up the prices.
Recent Changes in Gold Custom Duty
The Indian government recently slashed customs duties on a range of products, including gold and silver. The basic customs duty (BCD) on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6% from 15%. For gold and silver dore, the duty was cut to 5.35% from 14.35%. These reductions are aimed at curbing smuggling and making legal imports more attractive.
Gold Price Trends
On July 24, 2024, the price of 24-carat gold in India was Rs 70,850 per 10 grams, while 22-carat gold was priced at Rs 64,940 per 10 grams. These prices represent the highest purity levels and include a premium for quality.
The reduction in customs duty is expected to have a significant impact on the market. It is likely to reduce smuggling activities but may result in a loss of over Rs 28,000 crore annually for the government, based on the 2023-24 import levels.
Gold Import and Export Statistics
In FY24, India imported gold worth USD 45.54 billion and silver worth USD 5.44 billion. During the same period, the country exported jewelry worth USD 13.23 billion. In volume terms, India typically imports 800-900 tonnes of gold annually.
India’s reliance on imported gold influences domestic prices, closely mirroring global trends. The country’s demand for gold is met primarily through imports, which puts pressure on the rupee and the current account deficit.
Smuggling and Enforcement
Despite efforts to curb smuggling, it remains a significant issue. In 2023, the seizure of smuggled gold reached a record high of 3,917.52 kg in the January-October period, with 4,798 cases detected. This was an increase from 3,502.16 kg of smuggled gold seized in 2022, across 3,982 cases.
Switzerland is the largest source of gold imports to India, accounting for about 40% of the total, followed by the UAE with over 16%, and South Africa with about 10%.
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Conclusion
Understanding the dynamics of gold prices in India requires a look at both domestic and international factors. The recent customs duty cuts are likely to influence the market significantly, potentially reducing smuggling and making gold more accessible for consumers. Stay informed about the latest gold rates to make well-informed investment decisions.
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