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

Gold and Silver Rates Today on July 30

Gold and Silver Rates Today: After A massive fall in gold and silver price in India after the Union Budget was announced, the gold prices today in India have increased slightly compared to yesterday’s price.

On July 30th, the 22-carat gold is priced at Rs 63,400 per 10 grams while the 24-carat gold today per 10 grams is priced at Rs 69,160. The price of 22-carat gold has increased by Rs 150 and while the 24-carat gold has been increased by Rs 160.

The silver rates today in India are priced at Rs 85,000 per kilogram, an increase of Rs 500 compared to yesterday’s price.

In the MCX, the gold futures maturing on August 2024 are trading at Rs 68,214 per 10 grams while the silver futures maturing on September 2024 are trading at Rs 81,200 per kilogram.

Finance Minister Nirmala Sitharaman reduced the excise duty imposed on gold from 15% to 6% on July 23 which has led to this massive drop in gold and silver prices.

Let’s check out the gold prices prevailing in every city in India:

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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 of 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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