As soon as the import duty on gold and silver increased from 6 per cent to 15 per cent, the prices of these two metals jumped in the domestic market. After two consecutive days of an increase in the middle of the week, gold and silver prices dropped significantly towards the end. On Friday, the prices of both metals used in jewellery making fell substantially in one go in Kolkata's market. Though much lower compared to Friday, prices of both precious metals declined on Saturday as well.
On Friday, the price of 24-carat pure gold per 10 grams had decreased by 3,150 rupees. On Saturday, it fell by only 600 rupees. As a result, pure gold prices dropped by 3,750 rupees over the past two days.
The price of 22-carat gold jewellery per 10 grams had decreased by 11,000 rupees on Friday. On Saturday, it fell by 650 rupees. Over the past two days, 22-carat gold prices have dropped by 11,650 rupees.
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On the other hand, silver prices per kilogram decreased by 19,000 rupees on Friday. On Saturday, it fell by 4,900 rupees. Over the past two days, prices dropped by 23,900 rupees.
Gold rates in Kolkata market on Saturday (May 16): (excluding taxes)
Pure gold bar (24-carat): 1 lakh 57 thousand 750 rupees (per 10 grams)
Pure gold bar (retail): 1 lakh 58 thousand 500 rupees (per 10 grams)
Hallmarked jewellery gold (22-carat): 1 lakh 50 thousand 650 rupees (per 10 grams)
Silver (retail): 2 lakh 64 thousand 900 rupees (per kilogram)
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(Price source: WBBMJA)
You will not be able to buy gold at these exact rates when you go to the market. It will cost slightly more than these rates. This is because GST and jewellery-making charges will be added to these rates. While GST is fixed at 3 percent, the charges may vary from shop to shop.
