Gold prices today: After falling in the last few days, gold prices have risen in the Indian market today. Gold futures on the MCX rose 4.3 per cent to 44.3 per cent, up from 44,150 per cent in the previous session. Silver futures rose 0.5 percent per 10 grams to 66,202. India’s gold rate fell to an 11-month low in August after reaching a record high of 5,200.
Since the beginning of this year, gold has become cheaper by 5,500 per 10 grams so far. In global markets, gold was $ 1,687.90 per ounce. Among other precious metals, silver rose 1 25.12 an ounce and platinum rose 0.1 percent to 1,136.57.
Today, the price of 22 carat gold in New Delhi rose by Rs 290 per 10 grams to Rs 44,150, while in Chennai it rose from Rs 40 to Rs 42,210. In Mumbai, the rate has risen to Rs 43,680. The price of 24 carat gold in Chennai was Rs 46,050 per 10 grams.
The Indians imported large quantities of their gold and silver necessities. The Finance Minister said that the tariff has been increased by ten per cent since July 2017, so gold prices have risen sharply and to bring it closer to the previous level, we are rationally considering customs duty on gold and silver.
The reduction in gold import duty to 7.5 per cent was a long-term demand of the gems and jewelery industry. Higher import duties not only indirectly encouraged illegal gold transactions, but also hurt government revenue. It is believed that this will stop trafficking.
The gem and jewelery industry had demanded a four per cent reduction in gold duty in the forthcoming Union Budget 2021-22. “We urge the government to reduce the customs duty from the current 12.5 per cent to 4 per cent,” Ashish Pethe, chairman of the All India Gems and Jewelery Domestic Council (GJC), told PTI. If the tax rate is not kept at this level, it will encourage trafficking.
According to a new report by the World Gold Council, gold purchases by central banks around the world fell sharply in 2020. The second half of the year recorded a big decline in purchases. In the fourth quarter of 2020, central banks purchased a decent net of 44.7 tonnes. Annual gold purchases by central gold banks fell nearly 60 per cent to 272.9 tonnes.