Big fall in gold and silver prices, stir in bullion market

Today, a huge fall has been recorded in the prices of gold and silver.

• 24 karat gold:
  • Opened at ₹75,629 per 10 grams, down ₹1,029.
• Silver:
  • After a huge fall of ₹2,212, it reached ₹86,848 per kg.

These rates have been issued by India Bullion and Jewelers Association (IBJA). However, GST is not applicable on these, and these rates may vary by ₹1,000-₹2,000 in your city.

Latest prices of gold of different carats

• 23 carat gold:
  • Fall of ₹1,029 to ₹75,326 per 10 grams.
• 22 carat gold:
  • ₹69,276 per 10 gram, down ₹943.
• 18 karat gold:
  • After falling by ₹772 to ₹56,722 per 10 grams.
• 14 karat gold:
  • Fall by ₹602 to ₹44,243 per 10 grams.

Investigation started on record import of gold in November

Gold imports reached an all-time high of $14.86 billion in November 2024.

• The Commerce Ministry is investigating any possible irregularities in this data.
• This increase in imports was due to increased demand during the festive season and weddings.
• As a result, the country’s trade deficit reached a record high of $37.84 billion in November.

Commerce Ministry investigation

• The Directorate General of Commercial Intelligence and Statistics (DGCIS) has conducted a detailed examination of the gold import data.
• These data will be combined with data received from the Central Board of Indirect Taxes and Customs (CBIC).

surge in figures

• November 2024:
  • Record imports of $14.86 billion.
• November 2023:
  • Imports of only $3.44 billion.
• This four-fold increase in imports is mainly due to festive demand and wedding season.