Gold and Silver Rates Today On August 1: Check Current Prices in Your Area

Gold and Silver Rates Today On August 1: After a week of the announcement of the Union Budget, the gold prices in India today rose in the last 24 hours.

On August 1, 2024, the price of 24-carat gold today in India is priced at Rs 64,010 per 10 grams while the rate of 24-carat gold today is valued at Rs 69,830 per 10 grams.

The price of 22-carat gold has increased by Rs 820 in the last 24 hours while the price of 24-carat gold has risen by Rs 1,010 compared to yesterday’s price.

However, the rate of silver today in India is reduced by Rs 2000 and is priced at Rs 86,000 per kilogram compared to last day’s price.

In the MCX, the gold futures contracts maturing on October 4 are trading at Rs Rs 70,005 while the silver futures maturing on September 5 are trading at Rs 83,981 per kg.

The gold futures today have increased by Rs 350 and the silver futures today have increased by Rs 385.

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Check Current Prices in Your Area

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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.

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