Import duty on gold and silver was reduced from 12.5 per cent to 7.5 per cent. Apart from this, agricultural infra cess of 2.5 percent has also been imposed.
In Budget 2021, Nirmala Sitharaman announced a huge cut in import duty on gold and silver, due to which there has been a huge fall in the price of gold in the bullion market. After the announcement of the Finance Minister, the price of gold in Delhi bullion market fell by Rs 1324 today. Now the price of ten grams has gone up to Rs 47520 per ten grams. On Friday, it had closed at the level of Rs 48,844 per ten grams.
In contrast, a huge surge in the price of silver was seen. Today, silver became costlier by Rs 3461 in Delhi and its price reached Rs 72,470 per kg. Its price on Friday was 69,009 rupees per ten grams. In Budget 2021, Nirmala Sitharaman reduced the import duty on gold and silver from 12.5 percent to 7.5 percent. The GST of 3 per cent is still separate. The price has come down due to duty cuts. It is believed that the price of gold and silver will fall further in the coming days. However, agricultural infra cess of 2.5 per cent has been levied separately.
Gold cheaper than import duty cut
As of July 2019, the import duty on gold was 10 percent, which was increased to 12.5 percent. The price of gold and silver rose sharply during the Corona period. In August 2020, gold had reached the level of Rs 56000 per ten grams and silver 78,000 per kg. In such a situation, to control the price, the government has decided to cut import duty by 5 percent. Navneet Damani, Vice President, Motilal Oswal Financial Services, said that due to the price rise, there has been a big jump in smuggling for some time, after which the government has taken this decision.
Gold Delivery Price
There is a decline in gold delivery on MCX. At 5.45 pm, gold for February delivery declined by Rs 696 to Rs 48400 per ten grams, gold for April delivery fell by Rs 712 to Rs 48625 and gold for June delivery fell by Rs 815 to Rs 48799. Was trading at the level of Rs. 10 per gram. However, in the international market, there is a bump in gold. At this time, gold for April delivery was trading at $ 1,870 per ounce with a rise of $ 19.70 (+ 1.06%).
Silver Delivery Price
There is also a huge surge in silver in the international market. At this time, silver for March delivery was trading at $ 30.09 per ounce with a gain of $ 3.18 (11.82%). MCX is also seeing a huge surge in silver. Silver for March delivery was trading up by Rs 4384 at Rs 74090 per kg and silver for May delivery was up by Rs 4418 at Rs 75159.
