Gold and Silver Rates Today On August 3: Check Latest Gold Rates in Your City

Gold and Silver Rates Today On August 3: Gold prices in India today have again increased compared to the last day’s gold prices.

The 22-carat gold price on August 3 in India is valued at Rs 64,800 per 10 grams while the 24-carat gold rate per 10 grams on August 3 stood at Rs 70,690.

The 22-carat gold prices in India on August 3 has increased by Rs 300 while 24-carat gold rates in India today went up by Rs 330.

Yesterday the 22-carat gold in India was priced at Rs 64,500 per 10 grams and the 24-carat gold yesterday stood at Rs 70,360 per 10 grams.

The last massive fluctuation in gold prices was on July 23 when gold prices were drastically reduced by Rs 4,000 after the government reduced the excise duty tax imposed on gold from 15% to 6%.

The silves rate on August 3 in India stood at Rs 87,200 per kilogram, the sillver prices has increased by Rs 100 compared to yeaterday’s price.

Let’s check out the gold prices prevaling over differents states in India:

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Check Current Prices in Your Area

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Factors Influencing 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 fall 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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