Gold-Silver Rate Update: On Wednesday, the prices of gold and silver had opened with an increase on MCX, but suddenly they fell and Gold-Silver became cheaper.
Gold prices once again fell on Wednesday and it became cheaper and came below Rs 69,000 per 10 grams. This change came just minutes after the trading of gold futures started on the Multi Commodity Exchange (MCX). Not only gold, but the price of silver has also fallen and it has become cheaper by about Rs 900 per kg. Let us tell you that after the reduction of customs duty in the budget 2024 of Modi 3.0, there was a huge fall in the gold price, but in the last few days, it started shining again. Let us know about the change in price today.

On Wednesday, with the start of trading in the commodity market, the future price of gold opened higher, but suddenly it fell again. It reached a price of Rs 68,740 per 10 grams on MCX. Despite the fall in the gold rate for the expiry of 4 October 2024 on Tuesday, the yellow metal is still available much cheaper than its high level. It is worth noting that on July 18, the future gold on MCX was at the price of Rs 74,638 per 10 grams, according to this, gold is still cheaper by Rs 5,898.

Not only gold but silver prices also fell on Wednesday. At the beginning of trading on MCX, the price of one kilogram of silver jumped to Rs 79,897, but as the trading progressed, it fell to the level of Rs 78,920. According to this, its price (Silver Price Fall) has decreased by Rs 977 per kg.

If we look at the prices of gold in the domestic market, according to the Indian Bullion Jewelers Association (IBJA), the prices of gold in different qualities on Wednesday were as follows.

Gold Quality Price as of 07 August (without GST and making charges)
24-carat gold 68,910/10 grams

22-carat gold 67,250/10 grams
20-carat gold 67,250/10 grams

18-carat gold 55,810/10 grams

If we look at the changes in the future price of gold in the international market, it opened on Comex for $ 2,432.60 per ounce and within some time it fell by about 5 dollars and reached the price of $ 2,426.40 per ounce.

How to Identify the quality of gold?

It is noteworthy that in Budget 2024, the government had announced a big reduction in the customs duty on gold. Earlier Gold Custom Duty was 15%, which was reduced to 6% by the government. Due to this, there was a continuous fall in the price of gold. If you are planning to buy gold, then it is important to identify the quality while buying it. Let us tell you that most 22-carat gold is used to make jewelry, while some people also use 18-carat gold.

Hallmark is recorded on the jewelry according to the carat. 999 is written on 24-carat gold jewelry, while 916 is written on 22-carat gold jewelry. The price of gold jewelry varies across the country due to excise duty, state taxes, and making charges.