Gold and Silver Rates Today: Find Current Prices in Your Area - - July 31 Updates

Gold and Silver Rates Today: A week later after the announcement of the Union Budget that reduces the excise duty tax from 15 % to 6 % and since then the price of gold has dropped significantly.

On July 31, the 22-carat gold today in India is priced at Rs 68,820 per 10 grams while the 22-carat gold today is priced at Rs 63,190 per 10 grams.

The price of 22-carat gold today in India has reduced by Rs 230 in the last 24 hours while the price of 24-carat gold on July 31 went down by Rs 340 compared to last day’s price.

The silver rate today per kilogram in India is valued at Rs 88,900.

In the MCX, the gold futures contracts expiring on August 5 are trading at Rs 69,117 per 10 gm which increase of Rs 507 while the silver futures expiring on September 5 are trading at Rs 83,308 per kg and the price rose by Rs 649.

Also Read: Top Stocks to Watch on July 30: Tata Steel, GAIL, RVNL, Titagarh Rail, PNB Housing, HPCL, ACC, Kalpataru Projects and more

Check Current Prices in Your Area

Also Read: Gold and Silver Rates Today: Find Current Prices in Your Area - July 30 Updates

Factors Influencing Gold Prices In India

Here are some factors that highly influence gold prices in India:

Exchange Rates: The Indian rupee's value against the US dollar has a high influence on gold prices. For example, When the value of other currencies increases against the Indian rupee then the price of gold increases.

Taxes: In India, there are several taxes that directly and highly influence the gold price in the country. If the taxes such as excise duty or state tax on gold increase then the rates of gold will also increase and if the tax rates falls then the gold rates also decrease.

Demand and Supply: When the demand for gold is higher than its supply then the gold rates will rise and when the supply is higher than its demand then the gold rates will fall in India.

Also Read: Top Stocks to Watch on July 31: GAIL, Jindal Stainless, Tata Consumer, Vedanta, Coal India, Indus Towers, Adani Energy and more