Gold becomes ₹2,104/10 gm cheaper this week:Silver prices correct ₹3,753/kg in seven days; know the latest rates in your city

Gold and silver prices have declined on July 17. According to the India Bullion and Jewellers Association (IBJA), 10 grams of 24-carat gold has fallen by ₹415 to ₹1,41,264 lakh . Earlier on July 16, it was at ₹1,41,679 lakh. Meanwhile, one kilogram of silver has decreased by ₹797 to ₹2,16,637 , which was at ₹2,17,434 lakh on Thursday. Gold prices have fallen by ₹2,104 and silver prices by ₹3,753 this week. On July 10, gold was ₹1,43,368 per 10 grams and silver was ₹2,20,390 per kilogram. Gold prices in major cities of the country Import duty on gold and silver increased from 6% to 15% The central government has increased the duty on import of gold and silver from 6% to 15%. The government’s objective is to reduce foreign purchases and decrease the pressure on the country’s foreign exchange reserves. The government has taken this decision amid the US-Iran conflict. The government has imposed a 10% Basic Custom Duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold. This brings the total effective tax to 15%. Earlier in the 2024 budget, Finance Minister Sitharaman had reduced the import duty from 15% to 6%. Keep these 2 things in mind when buying gold from jewellers 4 Ways to Identify Real Silver