Gold price drops following GST Council’s new tax reforms; Check price here

The GST rates applicable on gold and silver will remain the same as before, i.e. 3% GST on gold and 5% GST on making charges will remain applicable.

New Delhi: There is good news for gold and silver buyers as gold prices have come down after the recent meeting of the GST Council. In the 56th meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman, the tax slabs have been simplified by reducing four slabs (5%, 12%, 18%, 28%) to only two slabs (5% and 18%).

However, the GST rates applicable on gold and silver will remain the same as before, i.e. 3% GST on gold and 5% GST on making charges will remain applicable. This has brought relief to gold and silver buyers, especially those who are thinking of investing or buying jewelry.

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Gold Prices

As of 4 September 2025, gold prices in major cities are as follows: 22 carat gold in Delhi, Jaipur, Noida, Ghaziabad, and Lucknow is Rs 98,100 per 10 grams and 24 carat gold is Rs 1,07,010. At the same time, 22 carat gold is trading at Rs 97,950 and 24 carat gold at Rs 1,06,860 per 10 grams in Bengaluru, Patna, Chennai, Mumbai, and Kolkata.

Silver Prices

Silver prices have also fallen. The price of silver on MCX has reached Rs 124,080 per kg today, which is more than 1% less than the previous day's Rs 125,872. This is also considered a positive sign for investors.

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Experts believe that this tax reform of the GST Council will increase consumer spending in the country, which will also increase the demand for gold and silver. Gold prices had reached record levels in recent times, the main reason for which was the expectation of a cut in interest rates in the US. When interest rates fall, investors choose more secure options, such as gold. Gold has always been considered a reliable investment in times of economic uncertainty and crisis.

In this way, the changes in GST will not only simplify the tax system, but will also provide some relief to consumers in buying gold and silver, which will have a positive impact on both demand and supply in the market. This time can prove to be favorable for investors and buyers to invest in gold and silver.