Finance Minister Nirmala Sitharaman presented her third Budget in the parliament on February 1, 2021. After Union Finance Minister Nirmala Sitharaman announced to cut customs duty on these precious metals, the price of gold has gone down on Thursday.
Gold and silver rates declined today in Indian markets today amid a slide in rates of precious metals in global markets. On MCX, gold futures skidded 0.56% to ₹47549 per 10 gram, extending losses to the fourth day. In four days, gold has lost nearly ₹2000 per 10 gram amid a slide in global rates and import duty cut announced in Budget 2021. Silver futures on MCX today declined 1% to ₹67,848 per kg.
According to a website, the price of 22 carat gold in Mumbai has gone up to Rs 48,000. In Pune too, the price of 22 carat gold is Rs 48,000. In Chennai, the price of 22 carat gold is Rs 45,410 and 24 carat is Rs 49,540. In Kolkata, 22 carat gold is priced at Rs 48,070 and 24 carat gold is priced at Rs 50,770.
Gold and silver prices will come down in the next financial year as Finance Minister Nirmala Sitharaman proposed to cut customs duty on these precious metals from 12.5% to 7.5%. "Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalizing custom duty on gold and silver," the FM said.