The downward trend in gold prices continues and has become even cheaper in the last week. If you look at the gold price fluctuations this year, on the one hand, after the government’s announcement of cutting customs duty on gold in Modi’s first general budget 3.0 (Union Budget 2024), suddenly the The price of gold began to fall rapidly. had reached around Rs 67,000 per 10 grams and just a few days after the fall, the price of the yellow metal began to increase in the month of August, due to which gold reached its all-time high. It has arrived. Now it has started to go down again.
The price of gold fell so much in one week
If we look at the weekly change in gold prices on MCX, on Monday, November 11, the price of gold expiring on December 5 was Rs 75,351 per 10 grams, while till the last trading day of the week, the November 15, it had fallen to Rs 73,946 per 10 grams. According to this, the price of gold has decreased by Rs 1,405 per 10 grams in just one week (gold price fall).
Over the past week not only has the price of gold slowed, but so has the shine of silver. If we look at its price drop, the price of 1 kg of silver on MCX on November 11 was Rs 89,182, which had dropped to Rs 88,421 per kg on the last day of the week. That means that at Silver Rate, per kg silver has become cheaper by Rs 761.
Gold also falls in the domestic market
Along with the Multi Commodity Exchange, there has also been a huge drop in the price of gold in the domestic market. According to the Indian Bullion Jewelers Association (IBJA) website, the price of 10 grams of 24-carat gold fell to Rs 73,740 on November 14, which turned out to be the worst week in three years. While on November 8 it was Rs 77,382 per 10 grams, which means that here too gold has become cheaper by Rs 3,642 per 10 grams. However, on Friday, November 15, a slight increase was recorded. If we look at the prices of other types of quality gold in the domestic market, 22 carat gold was sold at Rs 71,970/10 grams, 20 carat gold at Rs 65,630/10 grams and 18 carat gold at Rs 59,730 /10 grams.
It should be noted that this gold price in the domestic market is without 3 percent GST and free of charge. The execution of charges varies and due to this changes are observed in the price of gold in various cities of the country. Let us tell you that this year there has been a huge fluctuation in gold prices. After customs duties on gold and silver were reduced in Modi’s first budget 3.0 (Union Budget 2024), they fell to the level of Rs 67,000, while from the following month gold prices increased up to to such a point that they reached a total level. -high time. Now it has fallen again.
How to check the purity of gold
Let us tell you that the price of gold jewelry varies across the country due to excise duty, state taxes and manufacturing charges. Let us tell you here that in most cases only 22 karat gold is used to make jewelry while some people also use 18 karat gold. The Hall mark is registered on jewelry according to carat. 999 is written on 24-carat gold jewellery, while 958 is written on 23-carat gold jewellery, 916 on 22-carat gold jewellery, 875 on 21-carat gold jewelery and 750 on 18-carat gold jewellery.
