Gold, Silver Prices Today: Check Latest Bullion Rates In Your City on August 3

Gold Rate Today In India: On August 3, gold prices in India marginally increased and traded above Rs 70,500 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced higher at Rs 70,700 per 10 grams. For those interested in jewellery, 22-carat gold, which is more durable due to its slight alloy mix, was priced at Rs 64,810 per 10 grams.

The government on Tuesday reduced customs duties on a range of products, including gold and silver.

Also Read: ‘Gold Prices May Rise by Rs 18,000’: Bullion Experts Suggest Buy-Sell Strategy

In the Budget 2024-25, the basic customs duty (BCD) on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6 per cent from 15 per cent. It was cut to 5.35 per cent from 14.35 per cent for gold and silver dore.

Meanwhile, on Saturday, silver’s price stood at Rs 87,300 per kilogram.

Gold rate today in India: Retail gold price on August 2

Check gold rates today in different cities on August 3, 2024; (In Rs/10 grams)

India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.

Gold Custom Duty Reduced In India

The significant duty cuts on precious metals will help reduce smuggling, but cost the government an annual revenue loss of over Rs 28,000 crore based on 2023-24 import levels, think tank GTRI said.

In FY24, India imported gold worth USD 45.54 billion and silver worth USD 5.44 billion, while exporting jewellery worth USD 13.23 billion.

In volume terms, India normally imports 800-900 tonnes annually.

In 2022, India has raised its basic import duty on gold to 15 per cent from 10.75 per cent. India is the world’s second-biggest consumer of the precious metal.

India fulfils most of its gold demand through imports and it put pressure on the rupee and current account deficit.

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

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

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

The precious metal accounts for over 5 per cent of the country’s total imports.

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

Retail Cost of Gold in India

The retail price of gold in India, reflecting the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.

Gold holds immense cultural importance in India, serving as a major investment and playing a crucial role in traditional weddings and festivals.

Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.