Gold, silver prices on July 1: Yellow metals record hike, silver rates tumbles down
India Today
Gold, silver prices today: On Friday, July 1, gold prices have recorded a hike but silver rates tumbled down on the Multi Commodity Exchange (MCX). Check the latest city-wise prices here.
The yellow metal was trading on the higher side of the Multi Commodity Exchange (MCX) while silver witnessed a marginal drop on Friday.
Gold futures, maturing on August 5, 2022, stand at Rs 51,000 per 10 grams, recording a marginal dip of Rs 1,093 or 2.16 per cent. The previous close was recorded at Rs 50,517.
Similarly, silver futures, due on September 5, 2022, witnessed a downfall of Rs 237 or 0.40 per cent and were retailing at Rs 58,320 per kg on the MCX against the previous close of Rs 58,887.
As per the metal report by Reuters, India has raised its basic import duty on gold to 12.5 per cent from 7.5 per cent, the government said in a notification on Friday, as the world's second-biggest consumer of the precious metal tries to dampen its demand.
India fulfils most of its gold demand through imports, which were putting pressure on the rupee which hit a record low earlier this week.
The rate of gold varies for different regions based on certain parameters such as the excise duty, making charges and the state taxes.
