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Weekly Gold Price: Gold Breaks 52,000, Silver Gets Cheaper, Know Bullion Market Status For All Week



Strong points

Silver price jumps Rs 351 in a week
Silver prices fall by Rs 1,017 per kg
Rates issued by the IBGA are universal nationwide

New Delhi. There has been a rise in weekly gold prices in the Indian gold market. On the other hand, the price of silver has fallen. During this trading week, the price of gold increased by Rs 351 per 10 grams, while the price of silver decreased by Rs 1,017 per kg. According to the India Bullion and Jewelers Association i.e. IBJA website, at the start of this business week (August 1-5), the price of 24 karat gold was 51,668, which which rose to Rs 52,019 for 10 grams till Friday. . At the same time, the price of 999 purity silver fell from Rs 58,379 to Rs 57,362 per kg.

Explain that the prices published by the IBGA give information about the standard price for gold of different purity. All these prices are exclusive of taxes and charges. Fares issued by IBGA are universal nationwide, but fares do not include GST.

How much gold rate has changed in the last week
August 1, 2022 – Rs 51,668 for 10 grams
August 2, 2022 – Rs 51,549 for 10 grams
August 3, 2022 – Rs 51,566 for 10 grams
August 4, 2022 – Rs 52,039 for 10 grams
August 5, 2022 – Rs 52,019 for 10 grams

How much silver rate has changed in the last week
August 1, 2022 – Rs 58,379 for 10 kg
August 2, 2022 – Rs 57,904 for 10 kg
August 3, 2022 – Rs 57,309 for 10 kg
August 4, 2022 – Rs 58,057 for 10 kg
August 5, 2022 – Rs 57,362 for 10 kg

Also Read – Export of Gemstones and Jewelery Up 21% in June, Read Trade Trends and Latest Gold Rates

Increase in import duties on gold
The central government has increased import duties on gold by 5%. Import duties have been increased from 7.5% to 12.5%. The increase in the government import duty will increase gold prices in the country. The government took this step to reduce the demand for gold in the country.

Gemstone and jewelry exports grew 55% in FY22
Significantly, gemstone and jewelry exports picked up in 2021-22 and increased by around 55% to $39.15 billion from the previous fiscal year. The industry body Gems and Jewelery Export Promotion Council (GJEPC) said gross exports of gemstones and jewelery amounted to $25.40 billion in 2020-21.

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