After an announcement in the budget, a big fall is being seen in the price of gold. On July 22, gold was above Rs 72,000, but today its price has come down to Rs 68,000 per 10 grams. There has been a big fall in the gold rate on Thursday also. The price of gold had also decreased on Wednesday. This means that after the announcement regarding gold in the budget, its price is continuously falling. Not only this, the price of silver is also decreasing.
Gold became cheaper by Rs 5000
A day before the budget i.e. on July 22, the price of gold on Multi Commodity Exchange (MCX) was Rs 72718 per 10 grams, which came down by about Rs 4000 to Rs 68,700 per 10 grams on July 23, the day of the budget itself. Today, a big decline is being seen in its price, which has become cheaper by Rs 1117 per 10 grams. Now the gold rate on MCX has become Rs 67835 per 10 grams. This means that in the last 3 days the price of gold has decreased by more than Rs 5000 per 10 grams.
Silver became cheaper by Rs 8000 per kg
Along with gold, a huge decline is also being seen in the price of silver. In the last three days only, the price of silver has become cheaper by Rs 8000 per kg. On July 22, 2024, the price of silver on MCX was Rs 89203 per kg, but on the budget day, the price of silver decreased by about Rs 5000 per kg. Today its price has decreased by Rs 3000. Today it is trading at Rs 81891 per kg on MCX. If seen accordingly, the price of silver has decreased by Rs 8000 in the last 3 days.
Why did gold prices suddenly start falling?
Before Budget 2024, the prices of gold and silver were increasing every day, but now gold and silver are falling rapidly. In fact, Finance Minister Nirmala Sitharaman had 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%. After this decision, gold fell sharply on MCX and became cheaper by Rs 4000.
Gold became so cheap on the budget day
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.