Gold Rate in Delhi

June 1st Week - GST on Gold and other gold items and its impact on business

• The GST Council finalised a four-tier structure for taxation of both goods and services at 5, 12, 18 and 28 per cent.
• In a meeting chaired by the Finance minister of India Arun Jaitley has confimed that Gold will be taxed at fixed rate of 3%.
• Gold, gems, jewellery to be taxed at 3 per cent as per the latest announcement in GST meeting on 3rd June 2017.
• Currently before July 2017, Tax on gold and products made from Gold are vary between 2% to 3%.
• Kerala is the only state which has a tax rate of 5 percent.
• 3% tax on Finished Diamond and 0.25 percent on rough diamonds.

Delhi Gold and Silver rate in January 2018

• Being capital of India, Delhi gold rate was week and there was no enough demand in the gold in any forms. Thus, the Delhi gold rate in the 1st week of January 2018 was started with Rs.28500 per 10 gm for 22 karat and 24 karat gold rate was Rs.30190.
• 24 karat gold rate in delhi in 2nd week of January 2018 was 28530 per 10 gm and 22 karat was Rs.30220 per 10 gm. 
• Gold price in the delhi was closed in 2nd week at rs. 28480 per 10 gm and Rs.30160 per 10 gm. 
• Silver rate in Delhi was Rs.39048 per 1 kg in the 1st week of the January 2018. while in the second week the silver price was Rs. 38990 per 1 kg.

Gold and Silver rate at Delhi in November 2017

• In November 2017, for the entire month the gold rate for 24 kt and 22kt remains above 30k and 28k per 10 gm. This 1st time it has happened that gold price in Delhi has not gone below 30k marks for more than 2 days. The main cause in gold rate increase is that low market strength. The business community is still under the pressure of GST and they have predicted that due to GST on gold price inflation will be there for more months. respectively. This shows the gold was not hot and international market was also stable.
• Delhi gold rate due to uncertainty in the final rate of GST on gold and silver commodity has show low faith in the market hence the price of gold in city was remain high. In that duration of last week, price of gold in the city was keep on changing on daily basis and hence we had made regular changes as per the market rate.
• Silver rate in Delhi has also seen no major change and it has remained high and fluctuated between 35k to 40k for 1 KG. In the last week, Highest gold rate at the city while gold was swinging to very extent, Silver rate in Delhi was also started with Week lowest and went upto Rs.40,060 per 1 KG. The highest silver rate was recorded on 1 kg silver in Delhi was Rs.40,167.

Gold price in Delhi in November last week

• In the 4th week of November 2017 Price of gold in Delhi has seen major changes. Price was swinged like pendulum between 30k to 31k in the month.
• 24 Karat gold price in New Delhi has been stable but high and was recorded between 30k and was recorded highest at Rs.Rs.30,380 per 10 gram. The lowest price of gold was recorded on 30k
• Due to GST change in the precious metal, In Delhi, Silver rate was lowest recorded on Rs.38,350 Sfor 1 kg while it was closed at RS.38860.