Before the Union Budget is unveiled, there's been a massive surge in gold prices, smashing all previous records. On Thursday, the Multi Commodity Exchange (MCX) saw future gold prices soar past 82,000 rupees, reaching record highs in the domestic market as well. After the complete budget announcement last year, a reduction in customs duty led to a significant drop in gold prices.
Last Year's Announcements Caused a Stir
Gold prices nosedived after the Finance Minister's announcement during the full budget of the past fiscal year. Nirmala Sitharaman declared a reduction in gold customs duty from 15% to 6%, causing a sharp price drop of 4000 rupees per 10 grams on the budget day itself.
Reports suggest that after a steep decline, gold prices began to rise again about a month after the budget and have now skyrocketed. As a result, there may be new announcements regarding customs duty on gold by the government. It remains to be seen whether the Finance Minister will provide relief or if gold prices will shoot up even further.
Source: aajtak
MCX's Latest Gold Prices
Regarding current gold prices, the MCX saw significant increases on Friday, with April 4 expiration rates climbing to 82,415 rupees per 10 grams. The previous trading day, Thursday, closed at 81,988 rupees, up by 1114 rupees. Starting the Budget Week last Monday, prices were 80,160 rupees per 10 grams, escalating by more than 2000 rupees so far.
A Surprise in the Domestic Market Too
Notably, both MCX and the domestic gold markets saw significant surges just before the budget. According to the Indian Bullion Jewellers Association (IBJA) website, on January 31, Friday, the price of 24 Carat Gold reached 82,170 rupees per 10 grams. Prices for other categories were 22-carat at 80,190 rupees, 20-carat at 73,130 rupees, and 18-carat at 66,550 rupees per 10 grams.
It's important to note that the gold rates listed on the IBJA website are consistent across the country, although they exclude making charges and GST. Including a 3% GST and making charges can raise these rates. Different cities may have varying making charges.
Source: aajtak
How to Check Gold Purity
It's worth mentioning that the price of gold jewelry across the country varies due to excise duty, state taxes, and making charges. Most jewelry is made using 22-carat gold, although 18-carat is also used. Hallmarks on jewelry indicate purity: 999 for 24-carat, 958 for 23-carat, 916 for 22-carat, 875 for 21-carat, and 750 for 18-carat gold.
Check Prices with a Missed Call
You can also check gold and silver prices with a missed call. Simply dial 8955664433, and after a short wait, you'll receive the rates via SMS. Alternatively, visit the official website ibjarates.com for the latest rates.
