Updated: July 2, 2022 10:50 AM IST 
Gold Rate Today: A day after the Centre raised the import duty on gold to 15 per cent from 10.75 per cent, gold prices witnessed a surge on Saturday morning. Data on good returns showed that yellow metal rose by Rs 1,500 per 100 grams of 22-carat gold. Following the hike, 24-carat gold was trading at Rs 5,23,400, while 22-carat gold was sold at Rs 4,80,000.
In Delhi, Mumbai and China the price of 22-carat gold was hovering around Rs 48,000 per 10 gm (22 carat), while in Chennai it was being sold at Rs 47,850, the Good Returns website showed. For the unversed, Gold rates change daily due to factors like state taxes, excise duty, and making charges.
| City | 22 Carat Gold Today |
24 Carat Gold Today |
| Chennai | ₹47,850 | ₹52,200 |
| Mumbai | ₹48,000 | ₹52,340 |
| Delhi | ₹48,100 | ₹52,400 |
| Kolkata | ₹48,000 | ₹52,340 |
| Bangalore | ₹48,050 | ₹52,420 |
| Hyderabad | ₹48,000 | ₹52,340 |
| Kerala | ₹48,000 | ₹52,340 |
Yesterday, the government hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30.
Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent.
Finance Minister Nirmala Sitharaman said India does not produce much gold. So, the import of yellow metal put stress on the country’s forex. “Gold is inelastic in its demand. So, you would want to see whether you can at least try to discourage to that extent people importing. Or if you are importing and you still want to import, please pay up that much more so that country can have some revenue,” she said.
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