look news india
Gold price today: Gold and silver have become cheaper due to the announcement of reducing customs duty on precious metals like gold, silver and platinum to 6 percent in the Union Budget 2024. In the last two days, gold in Ahmedabad has become cheaper by Rs. 3500 per 10 grams and silver by Rs. 3000.
In Ahmedabad today, the price of gold was reduced by more than Rs 200 to Rs 500. 72000 per 10 grams and silver remained stable at Rs 72000. 86000 per kg. The price of which was reduced by Rs 3000 yesterday.
Slight rise in gold and silver on MCX
Today on MCX, gold rose 312 to Rs. 68822 per 10 grams and silver rose 288 to Rs. 85207 per kg. In the budget, the customs duty on gold and silver has been reduced to 6%. Due to which the import cost of gold and silver will decrease. According to an estimate, the import cost of gold has decreased by Rs. 5.90 lakh. Yesterday, gold and silver also saw a rise of Rs. 4000 on MCX.
Ajay Kedia, Director, Kedia Advisory, said that the reduction in customs duty will support the demand for gold in the domestic market. The positive trend in gold prices is expected to continue due to geopolitical tensions at the global level, weak rupee and purchases by central banks of the world, increasing investment in ETFs.
This decision was taken to reduce smuggling
With the aim of reducing the smuggling of precious metals, the central government has decided to reduce customs duty. On the basis of gold imported into the country in 2023-24, the government has lost Rs. More than 28 thousand crores. Gold worth $ 45.54 billion and silver worth $ 5.44 billion were imported that year. In contrast, jewelry worth $ 13.23 billion was exported. In terms of quantity, India imports an estimated 800-900 tonnes of gold per year.
3917 kg of gold was smuggled
According to the report, a total of 3917.52 kg of gold was smuggled in 4798 cases during January-October 2023. According to government data, 35012.16 kg of gold was smuggled in 2022. 2383 kg of gold was smuggled in 2021 and 2155 kg of gold was smuggled in 2020. The share of precious metals in the country's total imports is 5 percent.
