Gold Price Today 1 February 2021: Ahead of budget 2021 presentation by Nirmala Sitharaman, gold price in India today fell to Rs 47,960 per 10 gm from Rs 48,800. Silver, on the other hand, soared to 69,800 per kg, stated Good Returns website. It must be noted that gold jewellery prices across India may differ due to excise duty and state taxes. Also Read - Gold Price Today: Check Gold Rate in Mumbai, Delhi, Pune, Bangalore, Other Cities

Notably, Nirmala Sitharaman will present the budget 2021 in Parliament at 11 AM today. Gold traders will be on the lookout for any announcement on import duty. They will also be keeping an eye on the US stimulus front to see if there is any progress. Also Read - Gold Price Today Soars Over ₹ 4.40 Lakh; Check Gold Rate Today In Mumbai, Delhi, Bangalore, Lucknow, Other States, Cities

Here are the latest gold prices for physical buying in India as on Monday in the cities of Delhi, Mumbai and Bengaluru: Also Read - Gold Price Today Remains Stable; Check Gold Rates in Delhi, Mumbai, Bangalore, Lucknow, UP, Other Cities, States

City22 karat gold (per 10 gm)24 karat gold (per 10 gm)
DelhiRs 47, 970Rs 52,320
MumbaiRs 48,970Rs 48,970
KolkataRs 48,340Rs 51,040
ChennaiRs 46,570Rs 50,790
BengaluruRs 45,820Rs 49,960

All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told news agency PTI, “We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business.”