Gold Price Today: Gold at the lowest level with a big fall
The prices of gold and silver in India have also fallen for the fifth day. June gold futures on MCX have fallen 0.3 percent to Rs 44,300, silver has fallen 0.8 percent to 62,617 per kg. In the last session, gold had fallen by 0.5 percent while silver had fallen by 1.7 percent. Gold prices have also fallen in global markets. Spot gold lost 0.1 percent to $ 1,683.56 an ounce.
Today in New Delhi, the price of 22-carat gold is Rs 43490 per 10 grams, while in Chennai it has come down to Rs 42020. The rate in Mumbai was 43630 rupees. The price of 24-carat gold in Chennai was Rs 45840 per 10 grams. The prices of 22-carat gold in Patna and Lucknow were 43630 and 43490 rupees per 10 grams today.
According to the Commerce Ministry data, gold imports on the country’s current account deficit (CAD) fell by 3.3 percent to the US $ 26.11 billion during April-February 2020-21. Gold imports stood at the US $ 27 billion in April-February 2019-20. The decline in gold imports during the 11 months of the current financial year has helped limit the country’s trade deficit to US $ 84.62 billion as compared to the US $ 151.37 billion a year ago. India is the largest importer of gold, which mainly caters to the demand of the jewelry industry.
Indian imports the bulk of its gold and silver needs. Duty was increased by 10 percent from July 2019, so the prices of gold rose sharply. In the budget presented on February 1, the government has reduced the customs duty. Reducing the import duty on gold to 7.5 percent was a long-standing demand of the James & Jewelry industry. The higher import duty was not only indirectly promoting illegal gold transactions but was also hurting the government’s revenue. It is believed that this will put a stop to smuggling.
The Gem and Jewelry Industry had demanded a four percent reduction in customs duty on gold in the upcoming Union Budget 2021-22. All India Gem and Jewelry Domestic Council (GJC) Chairman Ashish Pethe told PTI, “We urge the government to reduce the customs duty from the current 12.5 percent to 4 percent.” If the tax rate is not kept at this level, it will encourage smuggling.