Chennai: In Chennai today, the price of gold has decreased by Rs400 per sovereign.
A sovereign of gold is now priced at Rs 51,320, while a gram costs Rs 6,415.
This drop follows the recent reduction in customs duty on gold and silver from 15% to 6% in the central budget. The new tax rates have led to a decrease in gold prices, providing some relief to consumers.
Previously, on July 27, gold prices had surged, with a gram increasing by Rs 50 to Rs 6,465, and a sovereign rising by Rs 400 to Rs 51,720. However, today’s prices reflect a decline, which has been welcomed by the public.
In contrast, silver prices have seen a slight increase. The price of silver has risen by 50 paise per gram, reaching ₹89.50.
The fluctuating gold and silver prices are attributed to changes in tax policies and market dynamics, impacting both consumers and investors.