Gold Price Today 2nd February 2021: The impact of yesterday’s budget is seen again in the gold and silver price in bullion market today. If the government announced the reduction of custom duty on gold and silver, then the brightness of gold has started to fade. Today on Tuesday, 24 carat gold became cheaper by Rs 208 per 10 grams and opened at Rs 48,537. At the same time, the spot price of silver declined by Rs 1,239 and it opened at Rs 71,804. Explain that this rate released by the India Bullion and Jewelers Association and the price of your city can vary between 500 and 1000 rupees.
According to the India Bullion and Jewelers Association website (ibjarates.com), on 2 February 2021, the gold and silver spot prices across the country were as follows…
| Metal | Rate of 2 February (Rs / 10g) | Rate of 1 February (Rs / 10g) | Rate change (Rs / 10g) |
| Gold 999 (24 carat) | 48537 | 48745 | -208 |
| Gold 995 (23 carat) | 48343 | 48550 | -207 |
| Gold 916 (22 carat) | 44460 | 44650 | -190 |
| Gold 750 (18 carat) | 36403 | 36559 | – 56 |
| Gold 585 (14 carat) | 28394 | 28516 | – 122 |
| Silver 999 | 71804 Rs / Kg | 73043 Rs / Kg | 1,239 Rs / Kg |
IBJA rates are recognized nationwide
Explain that the rate issued by IBJA is universally accepted. However, GST has not been included in the rate given on this website. When buying and selling gold, you can refer to the rate of IBJA. According to the India Bullion and Jewelers Association, ibja shows the average price of gold and silver from 14 centers across the country by taking a current rate. The current rate of gold-silver or, say, the spot price may be different at different places, but there is a slight difference in their prices.
Also Read: Budget 2021: Interest Earned On PF Contributions Above Rs 2.5 Lakh Will Now Be Taxed
India’s gold demand plummeted 35 percent
The country’s gold demand declined by more than 35 percent to 446.4 tonnes in the last year ie 2020. This information is given in a report of the World Gold Council (WGC). On the WGC’s 2020 demand for gold, the report noted that the demand for gold declined amid the enforced lockdown due to the corona virus and the price of precious metals reaching an all-time high. According to WGC data, the demand for gold by value last year declined by 14 percent to Rs 1,88,280 crore. In 2019, gold demand by value was Rs 2,17,770 crore.
