Gold prices caused losses
India is also known as the “golden bird”. The reason is that gold plays an important role in the lifestyle of Indians and their investment plans. Gold is the guarantee of lifelong life of millions of mothers and sisters in this country, i.e. their stridhan is also gold. But this time in the budget, the government reduced the rates of customs duty on gold and in one fell swoop the price of gold fell. Due to this, the value of savings of the common people of the country has decreased by more than 10 lakh crore rupees.
India remains one of the largest consumers of gold in the world. Gold is not produced in India and almost all of its trade depends on imports. Now, in the budget, the government has reduced the tax on this import, i.e. customs duty, from 15 percent to 6 percent. Following this, gold prices have fallen rapidly.
Gold price before and after the budget.
Finance Minister Nirmala Sitharaman presented the budget on July 23. Just a day before, the price of gold was Rs 72,875 per 10 grams. While after the presentation of the budget, its price reached Rs 69,270 per 10 grams on July 23. If compared to the stock market, due to the fall in gold prices in a single day, investors have suffered a loss of over Rs 10 lakh crore.
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Mother and sisters suffered the greatest loss.
Now, this fall in the price of gold is being assessed by the loss caused to mothers and sisters. In India, people, especially middle-class families, invest more in gold than in the stock market. Mothers and sisters in the country hold more gold reserves in India in the name of household savings than even the Reserve Bank of India.
Not only this, this gold reserve is one of the largest gold reserves in the world. According to a Moneycontrol report, around 11 percent of the world’s total gold is held by Indian mothers, sisters and families in the form of savings alone. This is more than the total gold held by the US, Germany, Switzerland and the IMF.
Suppose the total gold reserves held by the mothers and sisters of India are 30,000 tonnes. Now, as per its price on 22nd July, the total price of this gold on that day amounts to Rs 218 lakh crore. Whereas after the price fall on 23rd July, the price of this quantity of gold remained at Rs 207 lakh crore. This directly shows a loss of Rs 10 lakh crore in the value of gold.
