There has been a huge stir on the Multi Commodity Exchange following the news of a 6 per cent reduction in import duty on gold in the budget. Gold prices have become cheaper by over Rs 3,700. The Finance Minister of the country, Nirmala Sitharaman, announced that a 6 per cent reduction in import duty on gold and silver has been announced. For platinum, on the other hand, a 6.5 per cent import duty has been announced. Following this announcement, there has been a huge fall in the price of silver on MCX. Let us also tell you what has been announced in the budget and what kind of impact this announcement is having on the Multi Commodity Exchange futures market of the country.
Taxes on gold and silver are reduced
Taxes on gold and silver have been reduced in the country. Under this reduction, the country’s Finance Minister Nirmala Sitharaman reduced the import duty on gold and silver by 6 percent. Earlier, a 15 percent tax was levied on gold. According to experts, in the fiscal year 2023, India’s gold import was estimated at Rs 2.8 lakh crore and with 15 percent import duty, the industry had paid approximately Rs 42,000 crore. Following this decision, there will be a fall in the prices of gold and silver in the country. Apart from this, common people will also get a lot of relief.
Gold falls sharply on MCX
Following this decision, a huge drop in the gold price is observed on the Multi Commodity Exchange. According to the data, at 1:10 pm, a drop of Rs 3,518 was observed in the gold price and the price dropped to Rs 69,200 per ten grams. While during the trading session, a drop of Rs 3,700 was observed in the gold price. After which the prices dropped to Rs 69,020 per ten grams during the trading session. A day ago, gold prices had closed at Rs 72,718 per ten grams.
Silver also plummeted
A major fall in the price of silver has also been observed on the Multi Commodity Exchange. According to the data, silver is quoted at Rs 85,403 per kg with a drop of Rs 3,800 at 1:10 pm. While during the trading session, the price of silver fell by Rs 4,928 and reached Rs 84,275. Incidentally, the previous day, a fall in the price of silver was also observed. After which the price reached Rs 89,203 per kg. If experts are to be believed, a further fall in the prices of gold and silver is possible.
