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New Delhi,
The NDA government led by Prime Minister Narendra Modi has presented its first budget and a big announcement has been made regarding gold and silver. After this, a sudden big drop has been seen in the prices of gold. By the time Finance Minister Nirmala Sitharaman's budget speech ended, the price of gold fell by about Rs 4000 per 10 grams.
The price reached here on MCX
In his budget speech, the Finance Minister has announced reduction of custom duty on gold and other metals including silver. The government has reduced the previously imposed custom duty on gold and silver to 6%. The immediate effect of this decision has been seen on the prices of gold and it has become cheaper by Rs 4000, while the price of silver has also fallen sharply. During the gold futures trading on MCX, it had reached the level of Rs 72,850 per 10 grams on Tuesday and as soon as the announcement of reduction in custom duty on gold was made, it started falling rapidly and reached the level of Rs 68,500 per 10 grams. In this way, in just a few hours, the gold price fell by Rs 4,350 per 10 grams. Earlier on Monday, the last trading day, it had closed at Rs 72,718.
There was a big decline in silver too
On one hand, after the Finance Minister's announcement, the price of gold fell, while on the other hand, the price of silver also fell sharply. The price of silver had reached Rs 89,015 on the Multi Commodity Exchange (MCX) and suddenly it also started falling sharply and like gold, this precious metal also became cheaper by Rs 4,740 and reached the level of Rs 84,275 per kg.
What big announcement did the Finance Minister make?
It is worth noting that in her budget speech, Finance Minister Nirmala Sitharaman has reduced the custom duty on gold and silver from 10% to 6%. In this, basic custom duty is 5%, Agri Infra and Development Cess is 1%. Apart from this, the duty on platinum has been reduced to 6.4%. Apart from this, according to the budget announcement of the Finance Minister, custom duty on imported jewellery has also been reduced.
Actually, the customs duty on gold and silver has been reduced to 6%, due to which domestic prices may also fall and gold demand may increase. The current duty on gold and silver is 15%, which included 10% basic customs duty and 5% agriculture infrastructure development cess. After the announcement of the Finance Minister, now 5% basic customs duty will be levied, while the cess will be 1%.
