The All India Gem and Jewellery Domestic Council has appealed to the GST Council to reduce the rate on jewellery from the current 3% to 1%. 
| Photo Credit: AP

“The gold jewellery industry is advocating a ‘One Nation, One Rate’ policy, starting with a unified rate for Eastern India from August,” an official said on July 26.

Samar. Kr. De, President of the Swarna Silpa Bachao Committee, said, “All stakeholders have shown interest in the idea of a unified gold rate across the country.”

“We will begin with a single rate for West Bengal and eastern India from August and have onboarded bullion sellers for this initiative,” Mr. De added.

Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said, “The idea is to create a level playing field for all stakeholders and prevent undercutting.” Mr. De said that they aim to extend the ‘One Gold Rate’ policy nationwide within the next six months and are in discussions with large national jewellery retail chains. He also noted that the recent 9% duty cut was unexpected by the industry.

Union Finance Minister Nirmala Sitharaman in the recent Union Budgetslashed import duties on gold and silver from 15% to 6%. Industry players said that the sharp duty cut will help eliminate illegal imports.

“Gold smuggling is estimated to be 100 tonnes out of the total import of some 950 tonnes,” said Sunny Dholakia, a diamond importer.

However, there is a concern about whether the government has any other plan regarding the Goods and Services Tax (GST) concerning gold, according to industry sources.

The GJC has appealed to the GST Council to reduce the rate on jewellery from the current 3% to 1%.

Gold price plunged ₹350 to ₹60,150 per 10 grams in the national capital on Monday amid weak cues in international markets, according to HDFC Securities.

The precious metal had closed at ₹60,500 per 10 grams in the previous trade.

Silver also declined ₹300 to ₹74,000 per kg.

In the global markets, both gold and silver were quoting lower at $1,912 per ounce and $22.50 per ounce, respectively.

“Gold failed to capitalise on the previous week’s strong gains as traders locked in their profits after a recent rally in prices,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Gold rings are seen on display for customers at a jewellery shop in Seoul. File
| Photo Credit: REUTERS

Gold price gained ₹50 to ₹57,400 per 10 grams in the national capital on Friday amid a rise in precious metal prices internationally, according to HDFC Securities.

In the previous trade, the yellow metal had ended at ₹57,350 per 10 grams.

However, silver plunged ₹400 to ₹70,900 per kilogram.

Gold prices recovered from a recent low amid pullbacks in the U.S. dollar and 10-year Treasury yields, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the overseas markets, gold was up at $1,822 per ounce, while silver was quoting lower at $20.95 per ounce.

Meanwhile, traders are looking ahead to U.S. labour data which is due later today, Mr. Gandhi said.

A jewellery shop in the old quarters of Delhi. File
| Photo Credit: REUTERS

Gold price declined ₹150 to ₹57,350 per 10 grams in the national capital on Thursday amid a fall in the yellow metal prices globally, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹57,500 per 10 grams.

However, silver climbed ₹300 to ₹71,300 per kg.

“Gold traded negative on Thursday, with spot gold prices (24 carats) in the Delhi markets trading at ₹57,350/10 grams, down by ₹150 against its previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, gold was down at $1,820 per ounce, while silver was trading higher at $21.15 per ounce.

Comex gold prices consolidated their lowest level since March amid mixed cues, Mr. Gandhi said.

Meanwhile, in futures trade, the December contract of gold fell ₹7 to ₹56,714 per 10 grams. Also, December contract of silver jumped ₹387 to ₹67,272 per kg on the MCX.

Representational file image.
| Photo Credit: Kamal Narang

Gold price fell by ₹50 to ₹57,500 per 10 grams in the national capital on October 4 amid a fall in precious metal prices in international markets, according to HDFC Securities.

The yellow metal had settled at ₹57,550 per 10 grams in the previous trade.

Silver also plunged ₹500 to ₹71,000 per kg.

In the overseas markets, gold was quoting lower at $1,822 per ounce, while silver was flat at $21.09 per ounce.

Comex spot gold traded around its lowest level in almost seven months on the back of strong U.S. macro data and a surge in US bond yields, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Gold price declined ₹250 to ₹59,800 per 10 grams in the national capital on August 10 amid weak cues in the overseas market.
| Photo Credit: REUTERS

Gold price declined ₹250 to ₹59,800 per 10 grams in the national capital on August 10 amid weak cues in the overseas market, according to HDFC Securities.

The precious metal had closed at ₹60,050 per 10 grams in the previous trade.

Silver also plunged ₹300 to ₹73,300 per kg.

Gold declined further on August 10, with spot gold prices in the Delhi markets trading at ₹59,800/10 grams (the lowest level since July 13), down by ₹250 against its previous day close, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the global markets, gold and silver were quoting lower at $1,919 per ounce and $22.80 per ounce, respectively.

Today’s U.S. CPI inflation data for July will be crucial for the metal. Softer than expected CPI (Consumer Price Index) data may support the metal prices to some extent.

However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat, Praveen Singh – Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.