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Gold 24K and Silver Steady at Record Highs: IBJA Benchmarks & Import Duty Impact
Quick Executive Summary
- •Gold 24K benchmark stands at ₹74,250/10g; Silver 999 purity trades near ₹88,400/kg.
- •Post-Budget reduction in basic customs duty on gold and silver to 6% continues to boost physical buying volumes.
- •Sovereign Gold Bonds (SGB) trade at attractive secondary market premiums on NSE and BSE.
Domestic bullion prices stabilized near record levels in today's trading session, according to closing benchmarks published by the India Bullion and Jewellers Association (IBJA).
Retail jewelers reported steady footfalls following the rationalization of import duties from 15% to 6% in the Union Budget, which significantly lowered the retail premium for Indian consumers compared to international markets.
For investors seeking gold allocation, financial advisors recommend keeping gold at 5% to 10% of your diversified portfolio through Gold ETFs or Sovereign Gold Bonds rather than physical jewelry to eliminate making charges and purity discounts.
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