Chennai: Gold prices have been steadily decreasing for the third consecutive day, following the reduction in import duty on gold announced in the Union Budget.
Today (July 25), the price of 22-carat jewelry gold in Chennai has dropped by Rs 60 per gram. The current price of gold stands at Rs 6,430 per gram and Rs 51,440 per sovereign.
On July 17, the price of gold had surged to Rs 55,360 per sovereign. Subsequently, the prices saw a slight decline. On July 22, the price per sovereign was Re 54,600. On July 23, the Union Finance Minister presented the budget and announced a reduction in the import duty on gold and silver from 15% to 6%.
In the following moments, the price of gold plummeted by Rs 275 per gram, bringing it down to Rs 6,550 per gram.