Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city

Gold Price Today: The government has raised the excise duty on exports of gold on Friday, July 1, 2022. As per the revenue department notification, the basis import duty on yellow metal has been hiked to 12.5% from 7.5%, effective today. With this, the price of yellow metal possible increase by about Rs 100 per gram, said Prithviraj Kothari, Director at RiddiSiddhi Bullions Limited.

On the Multi-Commodity Exchange (MCX), gold contracts were trading higher by 2.60 percent at Rs 51,828 for 10 grams while silver added 0.63 percent to Rs 58,700 a kilogram.

In contrast, as a result of aggressive monetary policies from leading central banks and a strong US dollar, gold prices decreased slightly on Friday and were on track for a third straight weekly decline.

Spot gold was down 0.2% at USD 1,804.26 per ounce, as of 0258 GMT, after hitting an over six-week low of USD 1,801.50 in the previous session. Whereas Spot silver eased 0.4% to USD 20.16 per ounce, and has dropped about 4.5% this week, its most since mid-May. U.S. gold futures dipped 0.1% to USD 1,805.00.

The price of gold has dropped by around 1.2 percent this week after experiencing its worst quarter since the beginning of 2021.

Gold, catching a downdraft from the deflated commodity super-cycle thanks to front-loaded Federal Reserve rate hikes and a still strong U.S. dollar, is underperforming despite lower Treasury yields, said Reuters citing Stephen Innes, managing partner at SPI Asset Management.

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सोने की कीमतों में करीब ₹100/ग्राम की बढ़ोतरी संभव : पृथ्वीराज कोठारी, प्रेसिडेंट, IBJA

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With the dollar remaining steady near recent two-decade peaks, gold is less appealing to buyers holding other currencies, said Reuters. Benchmark U.S. 10-year Treasury yields hovered near their lowest level since June 7 hit on Thursday.

Here are the indicative price of 22 Carat Gold Today, 1 July 2022 (except GST, TCS, and other levies)

Chennai : Rs 46,830

Mumbai : Rs 46,650

Delhi : Rs 46,650

Kolkata : Rs 46,650

Bangalore : Rs 46,670

Hyderabad : Rs 46,650

Kerala : Rs 46,650

Ahmedabad : Rs 46,680

Jaipur : Rs 46,800

Lucknow : Rs 46,800

Patna : Rs 47,700

Chandigarh : Rs 46,800

Bhubaneswar : Rs 46,650

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)