look news india
The gold segment has benefited from this Rakshabandhan. This year gold sales have increased due to the festival of Rakhi. It is believed that this trend of purchase is due to the reduction of customs duty on gold in the budget.
As soon as the festive season begins, there is a lot of activity in the area. There is a good demand for gold from buyers. In such a situation, the shine of this market has increased. Compared to last year's Raksha Bandhan festival, there has been an increase in gold sales on this year's Raksha Bandhan festival. This year the average consumer bought seven grams of gold, while last year this figure was 3.5-4 grams. According to jewelers across India, the demand for gold increased by 50 percent due to the festival of Raksha Bandhan. With Raksha Bandhan, the festive season has now started in India. Despite a 5.6 percent increase in dollar-denominated international gold prices last month, gold prices in India remained low.
On July 22, a day before the budget was presented in India, the price of one tola of gold was Rs 75,541. The price of which has come down by Rs 2000 per tola. On Monday, the price of this precious metal was Rs 73,661 per tola. In the general budget presented on 23 July 2024, the Government of India reduced the import duty on gold from 15 percent to six percent.
Gold starts shining as the festive season begins
Compared to last Raksha Bandhan, this year the price of gold has increased by 20 to 25 percent
In the general budget, the Government of India reduced the import duty on gold from 15 percent to 6 percent
Despite the surge in international gold prices, the price of one tola gold in India is around Rs 2,000 less
Gold has given a return of 20 percent in the last one year
Gold prices remain at lower levels of support on expectations that the US Federal Reserve will cut interest rates in September
