In a significant move for buyers, Union Finance Minister Nirmala Sitharaman announced a reduction in taxes on gold and silver in her recent budget presentation. This decision has led to a notable decrease in the prices of these precious metals. On Wednesday, the second day of the budget, gold prices fell by ₹4,000 per 10 grams. The current rate for 24-carat gold in the bullion market is ₹69,194 per 10 grams. Silver, meanwhile, opened at ₹84,897 per kg. Following the budget announcement on Tuesday, gold prices experienced a sharp decline of ₹3,616 per 10 grams, while silver prices fell by ₹3,277 per kg. According to the Indian Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹408 to ₹69,194 per 10 grams today. Additionally, 23-carat gold is down by ₹406 to ₹68,917 per 10 grams, 22-carat gold has dropped by ₹373 to ₹63,382, and 18-carat gold has fallen by ₹306 to ₹51,896 per 10 grams. The price of 14-carat gold has also reduced by ₹238 to ₹40,479 per 10 grams. Silver saw a minor decrease of ₹22 today, starting at ₹84,897 per kg.
In her budget speech, Finance Minister Nirmala Sitharaman announced a reduction in the customs duty on gold and silver from 10% to 6%. This change has led to a decrease of ₹4,024 in gold prices and ₹3,299 in silver prices over the past two days.