A day after the presentation of Union Budget 2024, when finance minister Nirmala Sitharaman announced a cut on the custom duties, the gold prices in India remained steady on July 24 after witnessing sharp decline in the prices on July 23.This update has come after a cut to the customs duty to 6% on Gold and Silver was proposed in the budget. Moreover, the finance minister also proposed to reduce customs duty on platinum to 6.4%.According to the experts, the decision by the government will work as a game-changer for diamond, gems and jewellery industry, a step closer towards making India a global diamond trading hub. The reduction in import duties on gold and silver to 6% and platinum to 6.4% is a major boost for our industry.Gold prices after steep fallThe gold prices in India on July 24, stood at Rs 64,950/10 gram for 22 carat, whereas for the 100 grams of 22 carat yellow metal prices will cost Rs 6,49,500.For 24k gold, the prices remained steady at Rs 70,860 for 10 grams and Rs 7,08,600 for 100 grams of yellow metal. On the other hand, the 18K gold prices did not witness any changes with 10 grams prices stood at Rs 53,140 and 100 grams of 18 carat precious metal prices today retailing at Rs 5,31,400.The Prices on July 23 were recorded at Rs 70,436 for 24 carat and Rs 65,780 for 22 carat.Meanwhile, it is important to note that soon after Nirmala Sitharaman declared an exemption of custom duty for 25 critical minerals including lithium, copper and precious metals, the yellow metal witnessed a sharp decline of Rs 2750 to Rs 64,950/10 grams and 100 grams of 22 carat yellow metal prices slipped by Rs 27,500 to Rs 6,49,500.
