Due to two announcements made on the budget day, there was a record fall in the prices of gold and silver in the country. While gold had become cheaper by over Rs 4,00,000, on the other hand there was a fall of over Rs 5,000 in the price of silver. Now, after a budget day, relief is being seen in both the precious metals. Where a rise of over Rs 400 is observed in the price of gold. At the same time, a rise of over Rs 500 has been observed in the price of silver. According to experts, the fall in the prices of gold and silver was due to reduction in import duties and increase in taxes on futures and options trading. Let us see what the price of gold and silver is currently.
gold price increase
The Multi Commodity Exchange is witnessing a surge in the price of gold. According to the data, this morning the gold price opened at Rs 68,790 with an increase of over Rs 200 on the Multi Commodity Exchange and within a short time it touched the day’s high of Rs 68,945 with an increase of over Rs 400. According to the data, at 12:43 pm, the gold price is showing an increase of Rs 364 and the price is at Rs 68,874. If experts are to be believed, then there may be a surge in the price of gold in the coming days.
Silver price rise
On the other hand, a rise is also observed in the price of silver. On MCX, at 12:45 pm, silver is priced at Rs 85,253 with an increase of Rs 334. While a day ago, a fall of more than Rs 5,000 was observed in the price of silver. During the trading session on Wednesday, the price of silver rose by more than Rs 500 and touched the day’s high of Rs 85,446. However, today silver opened at Rs 85,200 with an increase of about Rs 300.
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Delhi bullion market also sees a big fall
According to the All India Bullion Association, there was a major fall in gold and silver prices on July 23. According to the data, gold fell by Rs 3,350 or 4.6 per cent to Rs 72,300 per 10 grams on Wednesday. In the last trading session on Monday, gold closed at Rs 75,650 per 10 grams. Meanwhile, gold with 99.5 per cent purity fell by Rs 3,350 to Rs 71,950 per 10 grams. In the previous trading session, gold had closed at Rs 75,300 per 10 grams.
On the other hand, silver prices also fell by Rs 3,500 or four per cent to Rs 87,500 per kg. It had closed at Rs 91,000 per kg in the last trading session. Silver has fallen by Rs 6,900 in the last five sessions since July 18, when it closed at Rs 94,000 per kg, down by Rs 400.
What decisions were made in the budget?
The Finance Minister of the country, Nirmala Sitharaman, made two such announcements due to which the price of gold has seen a huge fall in the futures and spot markets of the country. In fact, the government has proposed to increase the tax on securities transactions in futures and options trading. On the other hand, the government has reduced the import of gold and silver by 6 percent. Due to which, on July 23, a huge fall was observed in the prices of gold and silver both on MCX and Delhi Bullion Market.
What is the situation in foreign markets?
In the overseas markets, Comex gold futures are up by about $10 per ounce, trading at $2,465 per ounce. Spot gold is trading at $2,415.96 per ounce, up by $6.32 per ounce. On Comex, silver futures are up by 0.58 percent and silver spot futures are up by 0.16 percent, trading at $29.50 and $29.29 per ounce respectively.
