Gold Rate Today In India: On August 2, gold prices in India hovered near Rs 70,700 per 10 grams. The price of 24-carat gold on Friday increased by Rs 860 to Rs 70,690 per 10 grams. For those interested in jewellery, 22-carat gold, which is more durable due to its slight alloy mix, also rose by Rs 790 to Rs 64,800 per 10 grams.
Meanwhile, silver’s price also rose by Rs 600 to Rs 87,200 per kilogram.
Gold rate today in India: Retail gold price on August 02
Check gold rates today in different cities on August 02, 2024; (In Rs/10 grams)
‘Gold, Silver To Remain Volatile’
Gold and silver showed significant price volatility, gaining in the early trading session but unable to sustain higher levels. Heightened tensions in the Middle East, following an air strike in Iran and Lebanon that killed top Hamas and Hezbollah officials, bolstered the safe-haven demand for gold. US economic data released on Thursday was mixed; jobless claims surged to 249,000 from the previous 235,000, marking the highest level since August 2023. The US flash manufacturing PMI data was disappointing, reflecting the lowest reading since November 2023, which pressured silver prices lower, said Rahul Kalantri, vice-president (commodities) at Mehta Equities.
“We expect gold and silver prices to remain volatile in today’s session ahead of the US job data release. Gold has support at $2422-2405 and resistance at $2458-2474. Silver has support at $28.10-27.90 and resistance at $28.64-28.80. In INR, gold has support at Rs 69,650-69,410 and resistance at Rs 70,290-70,550. Silver has support at Rs 82,020-81,450 and resistance at Rs 83,090-83,640,” Kalantri added.
Custom Duty on Gold
The government recently slashed customs duties on various products, including gold and silver.
The basic customs duty (BCD) on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6 per cent from 15 per cent. It was cut to 5.35 per cent from 14.35 per cent for gold and silver dore.
India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.
Retail Cost of Gold in India
The retail price of gold in India, reflecting the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.
Gold holds immense cultural importance in India, serving as a major investment and playing a crucial role in traditional weddings and festivals.
Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.
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