The national capital recorded a steep fall in gold prices on Monday. On the other hand, a tremendous jump in silver prices was recorded. According to HDFC Securities, gold prices fell by Rs 1,324 per 10 grams in the national capital on Monday. Due to this, the price of gold in Delhi was reduced to Rs 47,520 per 10 grams. In the previous session, the gold price was at Rs 48,844 per 10 grams. According to HDFC Securities, after the announcement of a reduction in import duty on gold and silver in the Union Budget, this significant decline in the price of gold was observed.
Silver Price in National Capital
According to HDFC Securities, the prices of silver, unlike gold, recorded a sharp increase on Monday. According to securities, silver rose by Rs 3,461 to Rs 72,470 per kg. In the previous session, silver had been priced at Rs 69,009 per kg.
Gold Price in Global Market
International, gold rose sharply to $ 1,871 an ounce. On the other hand, silver prices saw a surge. International silver price reached $ 29.88 an ounce on Monday.
The government on Monday announced a reduction in import duty on gold and silver. This will help bring down the prices of these precious metals in domestic markets. On the other hand, it will also help in promoting the export of gems and jewellery.
Presenting the Union Budget 2021-22, Finance Minister Nirmala Sitharaman said, “Gold and silver attract a customs duty of 12.5 per cent.” After the duty was increased from 10 per cent to 12.5 per cent in July 2019, there has been a sharp rise in the prices of precious metals. To bring it around the previous level, we are rationalizing the prices of gold and silver. ”
The customs duty on gold and silver has been reduced to 7.5 percent.
Navneet Damani, Vice President (Commodities), Motilal Oswal Financial Services, said that the recent announcement in the budget to reduce import duty from 12.5 per cent to 7.5 per cent showed a fall in gold prices. He said that the recent increase in the price of gold and smuggling and the reduction in customs duty among other aspects has been done.