In the coming times, the price of gold may remain the same across the country. Because, All India Gems and Jewelery Domestic Council said that it is working to implement one nation one gold rate. The Council has already held more than 50 meetings with its members and has managed to bring 8,000 goldsmiths on board for this initiative.
The purpose of this exercise is to standardize domestic gold prices. At present these prices vary in different areas of the country. For example, if we talk about the rate of Tuesday, October 22, then in the bullion market of Delhi on Tuesday, gold was at a new record level of Rs 81,000 per 10 grams with an increase of Rs 350, while the rate of gold in Chennai was Rs 79671.0 per 10 grams. . Whereas, the gold rate in Mumbai on Tuesday was Rs 79677.0. Similarly, the rate of 24 carat gold in Kolkata was Rs 79675.0 per 10 grams.
Silver rates also vary
Whereas, according to the rates released by 104 year old association IBJA, on Tuesday, 24 carat gold closed at all time high of Rs 78251 per 10 grams. Whereas, silver is at Rs 98372 per kg. GST is not included in this. On the other hand, in Delhi, silver reached a new record level of Rs 1.01 lakh per kg. On Friday, the price of silver closed at Rs 99,500 per kg.
India Bullion and Jewelers Association (IBJA) releases gold rates twice a day, in the afternoon and evening. These rates are the benchmark rates for sovereign and bond issuance as per various notifications issued by the Ministry of Finance and the Reserve Bank of India. It has offices in 29 states and is part of all government entities.
Why do retail prices differ from city to city?
We import gold at the same rate, but domestic retail prices differ from city to city, said GJC secretary Mitesh Dhorda. We want that the same rate should be applicable in the entire country.
