Gold rates fell while silver rates in India rose on Wednesday afthe government hiked import duties on gold and silver to 15% from 6% as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the Middle East crisis. Days after Prime Minister Narendra Modi's clarion call for curbs on gold purchases, along with other austerity measures to save on foreign exchange, the Finance Ministry, in a notification, hiked the social welfare surcharge (SWS) and the agriculture infrastructure and development cess (AIDC), effective May 13.
In the national capital, the price of gold increased by 6% to Rs 1,63,270 per 10 grams on Tuesday from Monday's closing level of Rs 1,55,300 per 10 grams. Silver prices also advanced by 6%, to Rs 2,77,000 per kg, according to Bullions website.
In the international market, spot gold slipped $42.33, or 1% to $4,692.64 per ounce while silver fell 3.04% to USD 83.49 per ounce.
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Gold Price Today
In Mumbai, the financial heart of the country, 24-carat gold is retailing at approximately Rs 1,63,710 per 10 grams. Kolkata follows a similar trend, with its gold rate reported at Rs 1,63,490. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 1,63,430, according to Bullions website.
The southern markets continue to record the highest figures in the country. Chennai leads the metros with a peak rate of Rs 1,64,190 while Hyderabad and Bengaluru follow closely at Rs 1,63,970 and Rs 1,63,840 respectively, keeping the price gap between the southern hubs and the northern capital distinct.
Silver Price Today
Here is how the silver rates are unfolding across major Indian hubs today: Mumbai is the epicenter of this price rally. The current silver rate in Mumbai is Rs 2,96,770 per kg. In the national capital, Delhi, silver is keeping pace with Mumbai, currently priced at Rs 2,96,260 per kg, according to Bullions website
Chennai and Hyderabad are seeing silver trade at approximately Rs 2,97,630 and Rs 2,97,240 per kg, respectively. Bengaluru follows closely, with rates hovering around Rs 2,97,000 per kg. Silver rates in Kolkata are currently trading at roughly Rs 2,96,380.
Gold Rates City-Wise
The following rates are as per 10 grams of gold.
Mumbai: Rs 1,63,710
Delhi: Rs 1,63,430
Bengaluru: Rs 1,63,840
Chennai: Rs 1,64,190
Hyderabad: Rs 1,63,970
Kolkata: Rs 1,63,490
Silver Rates City-Wise
The following rates are as per 1 kg
Mumbai: Rs 2,96,770
Delhi: Rs 2,96,260
Bengaluru: Rs 2,97,000
Chennai: Rs 2,97,630
Hyderabad: Rs 2,97,240
Kolkata: Rs 2,96,380
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