Business News Desk, the real reason behind the rise in gold prices on 30 January 2025 is the speculation of increasing import duty (import duty) on gold in the upcoming budget. Investors hope that the government can increase import duty in the budget, which can lead to further rise in gold prices. Let us tell you that the budget will be presented on 1 February 2025. From 30 January 2025, now only 48 hours are left.
For the first time, the prices of gold have crossed Rs 81000 per ten gram- April futures have reached Rs 81000 per ten gram at MCX. This is the first time.
What is going to happen- In the budget of 2024, there was big news for people associated with the business of gold jewelery. The government had reduced import duty.
But in the year 2025, but now it can be reversed. Many such reports are coming. According to the CNBC TV-18 report, the government is preparing to increase import duty.
Let us tell you that the import duty on gold has been cut by a historic 9%, due to which the import duty has come down from 15% to 6%.
This was the biggest import duty cut ever and for the first time since 2013, the import duty has come below 10%.
Gold import increased after this shortage in import duty, but there was no growth in gems and jewelery exports as expected.
In August 2024, gold imports rose by about 104% to $ 10.06 billion, while gems and jewelery exports declined by more than 23% during the same period.
Given these circumstances, in the budget 2025, the government is considering increasing the import duty of gold.
If import duty is increased, gold prices may increase in the domestic market. At present, the import fee on gold is 6%, but there is a possibility of change in budget 2025.
The Government of India imposes import duty on gold and it is applicable through CBIC. Its main objective is to control the import, save foreign currency. Any change in import duty directly affects the domestic prices of gold and jewelery industry.
