Gold and Silver Price: Gold and silver prices fell sharply across the country in recent days, bringing significant relief to consumers. The wedding season has begun, which will likely boost the gold and silver markets. Meanwhile, the Indian government has taken a significant step regarding gold and silver. The Modi government has reduced import prices.
Following this, there is a possibility that gold and silver prices will fall even further. The decision has been made to reduce the base import price of gold by $42 per 10 grams and the base import price of silver by $107 per kilogram. According to experts, this decision was taken in view of the fluctuations in gold and silver prices. The government wants to control the price of gold and silver. Now, prices in India may fall again.
Learn what the base price is
The significant fluctuations in gold and silver prices have created confusion among consumers. The base price is used to calculate customs duty on imports. The Indian government revises and updates the import price every 15 days. By reducing the base price, the government aims to reduce the burden on importers. This also helps reduce prices in the domestic market.
According to a report, India is considered the second-largest importer of gold. India is also among the largest importers of silver. People in the country prefer to buy this yellow metal for jewellery and investment. The reduction in the base price will directly benefit ordinary consumers. A significant reduction in the prices of gold and silver is expected in the bullion market.
Current Gold and Silver Prices
Gold and silver prices have seen a significant decline in the past 15 days. However, on October 31, the last day of the trading week, gold prices increased. 999 purity gold was recorded at Rs. 120,815 per ten grams. In the evening, 999 purity gold fell to ₹120,770.
On Friday evening, the price of 995 purity gold rose to ₹120,286 per ten grams. 916 purity gold was seen trending at ₹110,625 per ten grams. 750 purity gold was seen selling for ₹90,578 per tola.