Gold Rate Today, July 2. Gold Import Duty Hiked by 5% Will The Prices Increase.
Gold price in India increased by Rs 930 on July 2, 2022.
As of Saturday, the gold price in India for 24-carat gold (10 grams) is Rs 51,790, while 22-carat gold (10 grams) costs Rs 47,440.
Yesterday, the gold price in India for 24-carat gold (10 grams) was Rs 50,860, while 22-carat gold (10 grams) cost Rs 46,590.
In the national capital Delhi, the Gold rate for 24 carats (10 grams) is Rs 52,200, while 22 carats (10 grams) is Rs 47,850.
The rate of Gold for 24 carats (10 grams) in Kolkata is Rs 52,200, while 22 carats (10 grams) is Rs 47,850.
On the other hand, the price of 24-carat gold (10 grams) in Mumbai is Rs 52,200, while 22-carat gold (10 grams) is Rs 47,850.
As in Bhubaneswar, the 24-carat Gold (10 grams) cost Rs 52,270, while 22-carat gold (10 grams) cost Rs 47,920 on Saturday.
The gold price has increased by Rs 1,310 in the last 24 hours for 24 carats (10 grams) and 22 carats (10 grams).
Bengaluru has seen a remarkable rise in Gold Prices today than ever before.
There has been a good demand for Gold in Bangalore during the year.
Gold Rate Today, July 2. Gold Import Duty Hiked by 5% Will The Prices Increase
Gold Import Duty Hiked by 5%
India has hiked the primary import duty on Gold to 12.5 percent from 7.5 percent, the Union government said in a gazetted notification on June 30.
The decision came after the country’s trade deficit had widened to a record high last month, and the rupee had tumbled to a record low.
“The decision to increase duty was two-fold, one was to compensate falling income from petroleum taxes, and another is an attempt to keep current account deficit in check,” explained Bhavik Patel, senior commodity/currency research analyst at TradeBulls Securities.
After the latest hike, the gold levy will increase to 18.75 percent.
The total effective import tax on the precious metal will surge to 15.75 percent, including 12.50 percent primary import duty, 2.5 percent agri cess, and 0.75 percent social welfare surcharge.
The safe-haven metal also attracts an additional 3 percent as Goods and Service Tax (GST), explained Sugandha Sachdeva, VP- commodity & currency research, Religare Broking Ltd.
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