As soon as this policy of the government is implemented, gold prices will decrease in many cities, know why?

One Nation One Rate for Gold: After One Nation, now One Nation One Rate is in discussion. That means a uniform rate across the country. This matter of rate is related to gold. Soon there will be a single price of gold across the country. It is worth noting that the government is working on a policy, after the implementation of which you will be able to buy gold at a single price across the country. What is this policy and how will the price of gold be decided after its implementation, what will be the changes?

What is one nation one rate policy?

There is a scheme proposed by the central government and through this the price of gold is the same across the country, that is, after its implementation, gold will be available at the same price across the country. According to the current system, the price of gold varies across the country and the price of gold in different cities ranges from Rs. 200 to Rs. 500. A fluctuation of 200-500 is being seen.

The Gems and Jewellery Council has supported One Nation One Rate. However, it is not yet clear when the government will give its final decision on this. This policy has been debated for a long time. Many jewellery associations have supported its implementation.

How will the price be decided?

It is worth noting that the government can create a National Bullion Exchange under this policy. This will determine the price of gold. The exchange will determine the prices of gold and silver. It will work like the stock market. Due to the prices being determined on the basis of which, jewelers will not be able to change the prices as per their wish. It will be managed on the basis of a centralized system.

Now how is the price decided?

At present, Multi Commodity Exchange i.e. MCX has to be used to determine the price of gold. Which is the spot price. Each city, along with the traders of its jewelery association, determines the prices when the market opens. This price is determined by taking into account the demand, supply of gold, global market, inflation. Prices vary because the prices are determined by the jewelers in each city.

Will gold become cheaper?

After the implementation of this policy, the arbitrariness of jewelers in different cities will be curbed and they will not be able to change the prices according to their wish. After the price fixed by the exchange, the price of gold will decrease in the cities where the price of gold is high.