Higher Import Duty On Gold, Check Today's Indian Gold Rates Here: Fall In Global Market To $1722

Indian gold rates are marginally up In India, amid a sharp fall in the international markets. Today, on July 14, the 22-carat gold rate is quoted at around Rs. 46,900/10 grams, and 24-carat gold rate is quoted at around Rs. 51,160/10 grams. The gold rates have surged by around Rs. 200-210/10 grams today. At present, international gold markets are quite down due to worries about high-interest rates by the US Fed and the rising US Dollar index. The US currency is reaching fresh 52-week high levels now, which is dragging down the gold rates now, globally, as gold is a dollar-dominated asset class.

However, in India, in the past few days, the sharp fall in gold rates did not show much impact because of the latest import duty hike by the union government on gold. Amid a bearish market trend globally, Indians are now paying a higher import duty of 15%, which was 10.75% earlier. The yellow metal is now attracting a custom duty of 12.5% which was 7.5% earlier. So, these additional rates are not letting gold rates fall in India. The union government had decided to hike the import duty on gold in order to reduce the current account deficit, as the gold imports were surging sharply in the domestic markets. However, a falling gold rate will further help to boost the retail sales of gold in India.

Today, the Comex gold futures were quoted at $1,710.30/oz, falling by 1.45%, from the last trading day. Yesterday it was last quoted at $1,735.50/oz. The spot gold prices were last quoted at $1730/oz, falling by 1.36%, from the last trading day. The US Dollar index quoted at 108.72, surging by 0.42%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50327/10 grams, falling by 0.94%, from the last trading day.

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow: