weather_iconAshburn | -3.69 °C | AQI 13
Saturday, 7 December, 2024

---Advertisement---

Business

Huge Drop In Gold Prices Post-Budget Announcement – Check Current Rates

Prime Minister Narendra Modi's 2024 budget, focused on the precious metals market, led to a sharp decline in gold and silver prices. Finance Minister Nirmala Sitharaman's announcement of revised customs duties caused gold prices to drop by nearly ₹4,000 per 10 grams and silver prices to fall by ₹4,740 per kilogram.

In a landmark move, Prime Minister Narendra Modi’s government unveiled its first budget for 2024 with a focus on the precious metals market, sending shockwaves through trading floors. Finance Minister Nirmala Sitharaman’s announcement of revised customs duties on gold and silver triggered an immediate and steep decline in prices.

As Sitharaman concluded her budget speech, gold prices nosedived by nearly Rs. 4,000 per 10 grams. This swift adjustment followed a peak on the Multi Commodity Exchange (MCX), where gold futures had soared to Rs. 72,850 per 10 grams earlier in the day. However, the market reaction was swift, with prices plummeting to Rs. 68,500 per 10 grams in response to the proposed duty cuts.

---Advertisement---

The sudden drop amounted to a staggering Rs. 4,350 per 10 grams within hours, marking a significant reversal from Monday’s closing price of Rs. 72,718 per 10 grams.

Meanwhile, silver prices mirrored this trend on the MCX, initially climbing to Rs. 89,015 per kilogram before following gold’s downward trajectory. Silver, too, experienced a notable decline, ultimately falling by Rs. 4,740 to Rs. 84,275 per kilogram.

---Advertisement---

Also read:Revised Tax Slabs And Increased Standard Deduction Of Rs 25,000 Announced

सोने के दाम घटे

Also Read: Budget 2024: Which Items Are Now Less Expensive?

In her budgetary address, Sitharaman detailed the government’s decision to slash customs duties on gold and silver from 10% to 6%, comprising a 5% basic customs duty and a 1% Agri Infrastructure and Development Cess. Additionally, platinum saw its duty reduced to 6.4%. The Finance Minister also announced reductions in customs duties on imported jewelry, aligning with the administration’s broader economic strategies.

The adjustments have drawn varied responses from industry experts and traders alike, highlighting the budget’s potential implications for the commodities market and beyond.

HISTORY

Written By

News24 Desk


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

India vs Australia, 2nd Test Day 2 LIVE Updates: Shubman Gill Walks Back, Team India Four Down

Dec 07, 2024
India vs Australia, 2nd Test Day 2 LIVE Updates
  • 16:23 (IST) 7 Dec 2024

    IND vs AUS 2nd Test LIVE: Mitchell Starc Cleans Up Shubman Gill

  • 16:09 (IST) 7 Dec 2024

    IND vs AUS 2nd Test Live: Another Wicket For Aussies, Virat Kohli Departs

  • 16:07 (IST) 7 Dec 2024

    IND vs AUS 2nd Test LIVE: All The Onus On Virat Kohli And Shubman Gill

N24 Shorts Logo

SHORTS

Virat Kohli and RCB
Sports

IPL 2025: Will RCB Hand Over Captaincy To Rajat Patidar Instead Of Virat Kohli? | Check Details

The star batter Virat Kohli has been the obvious choice for leadership in IPL 2025, whereas Rajat Patidar is also in contention to become the skipper of the side.

View All Shorts

---Advertisement---

Trending