Gold Price Today on 24th July 2024 : The price of gold fell by Rs 650 to Rs 71,650 per 10 grams in the local market on Wednesday. Gold continued to decline for the second consecutive day due to weak demand from jewelers and the announcement of reduction in import duty in the budget for the financial year 2024-25. The All India Sarafa Association said that in the previous trading session on Tuesday, gold closed at Rs 72,300 per 10 grams, down by Rs 3,350. However, the price of silver remained unchanged at Rs 87,500 per kg.
The price fell by Rs 4,000 in 2 days
Meanwhile, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 650 each to Rs 71,650 per 10 gram and Rs 71,300 per 10 gram, respectively. Traders attributed the fall in gold prices to the government’s move to cut customs duty on several products, including gold and silver. The customs duty on gold and silver was reduced from 15 per cent to 6 per cent. Gold prices have fallen by Rs 4,000 per 10 gram in the last two sessions.
effect of reduction in custom duty
Manav Modi, Senior Analyst-Commodity Research, Motilal Oswal Financial Services Ltd, said, “On the domestic front, gold and silver declined in the previous session as the Finance Minister announced a cut in import duty, which ‘surprised’ the market.” “On the other hand, prices in Comex rose, which increased its disparity with domestic prices,” he added. Moreover, domestic prices may also take some time to digest the full impact of the duty cut and come on par with Comex.
Gold and silver globally
In the international market, Comex, gold was trading at $ 2,461.20 an ounce, up six dollars an ounce. Comex gold prices on Tuesday broke a four-day losing streak and remained above $ 2,400, as the market awaited clarity on the US Federal Reserve’s (Fed) interest rate cut. Silver also rose marginally to $ 29.38 an ounce in New York.
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