Attention: Massive Change In Gold Price As Centre Hikes Import Duty – Check Latest Rates Here

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Gold Price Today: The government has increased the excise duty on exports of gold on Friday, July 1, 2022. As per the revenue department notification, the basis import duty on yellow metal has been hiked 5% from 7.5% to 12.5%, effective today.

With this, the price of yellow metal possible increase by about Rs 100 per gram, said Prithviraj Kothari, Director at RiddiSiddhi Bullions Limited

On Thursday, gold prices had fallen by Rs 29 to Rs 50,700 per 10 grams. Globally, gold was trading 0.12 per cent lower at USD 1,815.40 per ounce in New York. However, after the new announcement, it is certain the gold rates will increase at least by five percent.

Today, the 22-carat gold rate is quoted at around Rs. 47,850/10 grams, and 24-carat gold rate is quoted at around Rs. 52,200/10 grams. The 22-carat gold rates have jumped by Rs. 1200, while the 24-carat gold rates have jumped by Rs. 1310/10 grams.

The market of the yellow metal was marginally bearish in the past two days, as gold rates dropped sharply by around Rs. 1000. However, the present hike again dragged the yellow metal on track.
Surenedra Mehta, Secretary, IBJA, told Zee Business, ” The way rupee has been dropping against the dollar, a gold rate hike was expected, but we didn’t expect the government to announce it so soon”. He said an increase of Rs 2500 per 10 grams is expected in the future.

India’s trade deficit ballooned to $24.29 billion from $6.53 billion in a year, according to the data released by the government. The trade deficit during the first two months of the ongoing fiscal widened to $44.69 billion against $21.82 billion in the same time frame last year.

The widening trade gap and continuous outflow of foreign funds pushed rupee to a lifetime low of Rs 79.12 against US dollar on Friday.

Global markets

Spot gold was down 0.2 per cent at $1,804.26 per ounce after hitting an over six-week low of $1,801.50 in the previous session. US gold futures dipped 0.1 per cent to$1,805.00.

Gold prices, coming off their worst quarter since early 2021, have lost about 1.2 per cent this week. Spot silver eased 0.4 per cent to $20.16 per ounce, and has dropped about 4.5 per cent this week, its most since mid-May.

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