Gold price on the day of Budget 2021 fell to Rs 47,960 per 10 gm from Rs 48,800. Silver price soared to Rs 69,800 per kg according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the price of 22-carat gold stayed at Rs 47,800 per 10 gm, while in Chennai it was at Rs 46,560. In Mumbai, the rate was at Rs 47,960. The price of 24-carat gold in Chennai was at Rs 50,780 per 10 gm.
In the upcoming Budget 2021 the gem and jewellery industry has request the Centre to reduce customs duty on gold to 4%, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones. Currently the customs duty on gold is 12.5 per cent.