Gold Rate Today In India: On August 10, gold prices in India hovered near Rs 70,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 70,310 per 10 grams. For those interested in jewellery, 22-carat gold, which is more durable due to its slight alloy mix, was priced at Rs 64,450 per 10 grams.

Meanwhile, silver’s price stood at Rs 83,100 per kilogram.

Gold rate today in India: Retail gold price on August 10

Check gold rates today in different cities on August 10, 2024; (In Rs/10 grams)

Retail Cost of Gold in India

The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.

As market conditions continue to shift, investors and traders keep a close watch on these trends. Stay tuned for more updates on this developing story.

Custom Duty on Gold

Recently, the government reduced customs duties on several products, including gold and silver.

The basic customs duty (BCD) on coins made of precious metals, gold and silver findings, and gold and silver bars, was lowered from 15 percent to 6 percent. For gold and silver dore, the duty was reduced from 14.35 percent to 5.35 percent.

India’s dependence on imported gold significantly affects domestic prices, which closely follow global trends. Furthermore, the cultural significance of gold in India, especially during festivals and weddings, is key in influencing demand levels.