There has been a big fluctuation in the price of gold in the last two months, sometimes the price of the yellow metal touched new peaks while gaining momentum, then the prices crashed after the announcement of reduction in custom duty on gold and silver in the first budget of Modi 3.0. If we talk about the change in the price of gold in the last one week, then it has become expensive and has crossed Rs 71,000 per 10 grams. However, gold is still cheaper by Rs 4000 from its all-time high. Let’s know about the change in its price…
Gold became so cheap in a week
If we look at the data of Multi Commodity Exchange (MCX), the price of gold has increased in a week. If we look at the rates of MCX on August 16, due to the closure of commodity market on Saturday and Sunday, it first fell to Rs 70,279 per 10 grams, but by the time the trading in the commodity market closed, it saw a sudden jump and it closed at Rs 71,395 per 10 grams. On the first day of last week, the gold rate was Rs 70,738, so in the five trading days of the week, an increase of Rs 657 has been recorded in the price of 10 grams of gold (Gold Rate Fall).
This was the price on 18th July
Now if we talk about a month, then from July 18 to August 18 Sunday, the gold price is around Rs 4000 per 10 grams less. The gold rate for the expiry of October 4, 2024 on MCX was Rs 74,638 per 10 grams on July 18, exactly a month ago. In this way, even after a month, the yellow metal is still available much cheaper than its high level. After the budget was presented on July 23, the price of gold fell and it reached close to Rs 67,000, but in the month of August its price has again registered a jump.
Why did the price of gold fall after the budget?
If we talk about the reasons for the fall in gold prices after Budget 2024, then let us tell you that taking a big decision, the government had reduced the custom duty on gold and silver from 15 percent to just 6 percent in the budget presented on July 23. After this, the price of gold fell sharply. However, after breaking down to around 67,000, it is once again trading above 70,000 in the month of August.
What is the condition of silver?
Along with the price of gold, if we look at the price of another precious metal silver, then its price has seen a sharp jump in a week. On August 16, the price of silver on MCX reached Rs 83,256 per kg. Whereas on August 12, it was at Rs 81,624 per kg. Meaning, the price of silver has jumped by Rs 1632 per kg in a week. A month ago on July 18, the price of silver was Rs 91,772 per kg, compared to which it still remains quite cheap.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.