Gold Rate Today in India: On August 10, gold prices in India hovered close to Rs 70,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24 carat gold priced at Rs 70,310 per 10 grams. For those interested in jewellery, 22 carat goldwhich is more durable due to its light alloy mix, was priced at Rs 64,450 per 10 grams.

Meanwhile, silver price was at Rs 83,100 per kilogram.

Gold Rate Today in India: Retail Gold Price on August 10

Check gold prices today in various cities on August 10, 2024; (In Rs/10 grams)

Retail cost of gold in India

The retail price of gold in India, which represents the final cost per unit weight to consumers, is shaped by several factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, serving as a key investment and holding great importance in traditional weddings and festivals.

As market conditions continue to change, investors and traders keep a close eye on these trends. Stay tuned for more updates on this development story.

Customs duty on gold

Recently, the government reduced tariffs on several products, including gold and silver.

The basic duty (BCD) on coins made of precious metals, gold and silver finds and gold and silver bars was reduced from 15 percent to 6 percent. For gold and silver dore, the duty was reduced from 14.35 percent to 5.35 percent.

India’s dependence on imported gold significantly affects domestic prices, which closely follow global trends. Additionally, the cultural importance of gold in India, especially during festivals and weddings, is key to influencing demand.