Gold-Silver Prices: Since the announcement of reduction in custom duty on gold and silver in the budget, the prices of both metals have been witnessing a sharp decline. On Thursday, July 25, the price of gold in the bullion market also saw a decline of Rs 1000 and it has come down to Rs 70,650 per 10 grams. There has been a sharp decline in the prices of silver as well and it has come down to Rs 84,000 per kg with a decline of Rs 3500 per kg.
While presenting the budget on July 23, 2024, Finance Minister Nirmala Sitharaman had announced reduction in custom duty on gold. And in three days, the price of gold has come down by up to Rs 5000 per 10 grams. On July 22, gold closed at Rs 75,650 per 10 grams in the bullion market. In three days, the price of gold has come down by 6.60 percent. Talking about the price of silver, the price of silver has come down from Rs 91,000 per kg to Rs 84000 per kg. That is, in three days, the price of silver has come down by Rs 7000 per kg or 7.70 percent.
After the reduction in custom duty, the prices of gold and silver started falling anyway, but now the prices of gold have also fallen in foreign markets, which has caused a double blow. On the international market Comex, gold is trading at $ 2,421.80 an ounce with a fall of $ 42.20 an ounce. Silver has also closed at $ 28.04 an ounce. On the fall in the prices of gold and silver in the bullion market, HDFC Securities Senior Analyst Commodity Soumitra Gandhi said, gold prices have fallen in Thursday’s session due to the fall in European markets. Apart from this, technical selling has brought down the prices of gold before the release of US economic data.
Experts say that until the market completely digests the reduction in custom duty, the trend of decline in the prices of gold and silver may continue and only after that the prices will become stable. However, after the reduction in custom duty, jewelers have started giving great offers to the customers to make up for the reduction in the prices of gold.
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