Gold prices have fluctuated a lot in the last few months. While the gold prices reached a peak in July 2024, after the presentation of the Budget 2024, the price fell sharply and now gold has once again reached a new high. In the domestic market it has once again crossed Rs 77000 per 10 grams. Gold prices are skyrocketing ahead of Diwali (Diwali 2024). Let’s know how much the price of gold changed in the last one week?
How much did gold price change on MCX?
First, let’s talk about the price of gold futures on Multi Commodity Exchange ending December 5, then let us tell you that the price of gold on MCX has risen sharply in the last one week and Friday was the last trading day. 77,750 per 10 grams has reached the level. Talking about the last one week difference in gold price on MCX, on the last business day of last week i.e. Friday, October 11, the price of 10 grams of gold here was Rs 76,307 which has now reached Rs 77,750 internally. According to this, the price of 10 grams of gold has increased by Rs 1443 in the multi-commodity exchange in a week.
The price of gold also increased in the local market.
Now if we talk about the local market, according to the website of Indian Bullion Jewelers Association (IBJA), on October 11, the price of 10 grams of 24 carat gold was around Rs 76,000 and on October 14 it was Rs 76,001. per 10 g was stable until now. 10 grams of gold closed at Rs 76,553 on October 16 and Rs 76,810 per 10 grams the next day on October 17. If we talk about Friday, October 18, it increased further, after which the price of 10 grams of 24 karat gold in the local market reached 77 thousand 410 rupees.
Standard gold rate (as per IBJA)
| Quality | The price of gold |
| 24 carat gold | Rs.77,410/10 grams |
| 22 carat gold | 75,550/10 grams |
| 20 carat gold | Rs.68,890/10 grams |
| 18 carat gold | Rs.62,700/10 grams |
| 14 carat gold | Rs 49,930/10 grams |
These local market gold prices are available on the IBJA website exclusive of 3% GST and making charges. The making charges are different and hence the change in gold price is seen in different cities of the country.
Gold fell after the budget.
It is also important to know here why the sudden steep fall in the price of gold took place after Finance Minister Nirmala Sitharaman presented the Modi 3.0 budget in Parliament on July 23. So let us tell you that several changes were announced in the budget and one of them was related to gold and silver. In fact, the government had reduced the customs duty on gold from 15% to 6% and its effect was seen in the form of a drop of about 4000 rupees in the price of gold on the day of the budget and this drop continued for several days.
How to test purity of gold?
We inform you that the price of gold jewelery varies across the country due to excise duty, state taxes and manufacturing charges. Let us tell you here that mostly only 22 carat gold is used in making jewellery, while some people use 18 carat gold as well. Jewellery’s hall mark is indicated by carat. 999 is engraved on 24 carat gold jewellery, while 958 is engraved on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat.
Gold Rate Gold Price Weekly New Prices
