New Delhi. The budget has not yet been passed by the Parliament, but the effect of the announcements made in it has started showing on the market. For example, the prices of gold and silver have come down. While presenting the budget on Tuesday, Finance Minister Nirmala Sitharaman had said that the government will now levy 6 percent custom duty on gold and silver. As a result, the price of both precious metals has fallen significantly in a single day.
Till now, the central government used to levy custom duty at the rate of 15% on gold and silver. Due to this tax, imported gold and silver used to be sold at a higher price. Now, after the announcement of reduction in custom duty in the budget, gold and silver became cheaper by Rs 4000 on Wednesday. If we look at the gold rates on 24th July, the price of 24 carat is Rs 69190 per 10 grams. Whereas, on the day of the budget, 24 carat gold was being sold at the price of Rs 73218 per 10 grams. Accordingly, the price of 22 carat, 20 carat, 18 carat and 14 carat gold has also decreased. Gold jewellery is mostly made in 22 and 18 carats. If you buy 10 grams of 22 carat gold jewellery today, you will get it for Rs 67530. Whereas, yesterday its price was Rs 72925. At the same time, 10 grams of 18 carat gold jewellery is being sold for Rs 56050 on Wednesday. Its price has come down by about Rs 5000. Let us tell you that along with this price, you will also have to pay 3% GST.
Apart from gold, the price of silver has also come down. The price of silver has decreased by Rs 4064 per kilogram. On Wednesday, i.e. today, the price of 1 kg silver has gone up to Rs 84919. Whereas, earlier the price of silver was Rs 88983 per kg. With the decrease in the prices of gold and silver, it is being said that the days of those who trade in it will also be better. At the same time, it will be easy for common people to buy both precious metals. Let us tell you that the most gold is bought in India. People consider it to be the best for investment. Also, people believe that gold is very beneficial in bad times.
