The NDA government led by Prime Minister Narendra Modi has presented its first budget (Budget 2024) and a big announcement has been made in it regarding gold and silver. After this, a sudden big fall in the prices of gold (Gold Rate Fall) has been seen. By the end of the budget speech of Finance Minister Nirmala Sitharaman, the price of gold decreased by about Rs 4000 per 10 grams.
Price reached here on MCX
Finance Minister Nirmala Sitharaman has announced in her budget speech to reduce custom duty on other metals including gold and silver. The government has now reduced the custom duty already applicable 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 significantly. During 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.
According to this, in just a few hours the gold price decreased by Rs 4,350 per 10 grams. Earlier on the last trading day on Monday, it had closed at Rs 72,718.
Big fall in silver also
On one hand, after the announcement of the Finance Minister, the price of gold decreased, on the other hand, the price of silver also increased in no time. The price of silver on Multi Commodity Exchange i.e. MCX had reached Rs 89,015 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 noteworthy that in her budget speech, Finance Minister Nirmala Sitharaman has reduced the custom duty on gold and silver from 10 percent to 6 percent. In this, basic custom duty is 5 percent, Agri Infra and Development Cess is 1 percent. Apart from this, the duty on platinum has now reduced to 6.4 percent. Apart from this, according to the budget announcement of the Finance Minister, custom duty on imported jewelery has also been reduced.
Actually, 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 includes 10% basic custom duty and 5% agriculture infrastructure development cess. After the announcement of the Finance Minister, now basic custom duty will be 5 percent, while cess will be 1 percent.