There has been a sharp decline in the price of gold and silver in the last five trading sessions. The price of gold has been falling continuously for the last few days. According to the Indian Bullion and Jewelers Association, the price of gold has fallen by Rs 4,828 per 10 grams from July 18 to July 24. This price is of 24 carat gold.
Similarly, the price of silver was Rs 91,555 per kg on July 18, which reached Rs 84,862 per kg on July 24. In this way, the price of silver has also fallen by Rs 6,693 per kg in the last five days.
What do experts say about shopping
According to experts, the main reason for this recent sharp fall in the prices of gold and silver is the announcement of reduction in custom duty on precious metals in the Union Budget 2024 presented on July 23.
Yogesh Singhal, Chairman of All Bullion and Jewelers Association, says that the price of gold will also take a soft stance in the coming times. If the ongoing tensions in the world reduce further, then the price of gold will come down even further.
On whether investors should buy in such a situation or not, Singhal said that right now is the time to buy. It would be better to buy a larger part now and you can buy the rest after some time.
Jewelers face a challenge in selling goods
Due to the skyrocketing prices of gold and silver, sales have fallen. Singhal says that jewelers want gold and silver to be cheaper so that their sales can pick up and their business can improve.
The high price of gold for a long time has created problems for jewelers. Singhal says that we want gold to come down to Rs 60,000 so that it is within the reach of people and sales also pick up.
Check out the price trend (as per Indian Bullion and Jewelers Association)
Price on 24 July
Price of 24 carat gold – ₹69,151 per 10 grams
Price of 22 carat gold – ₹63,342 per 10 grams
Silver price – ₹84,862 per kilogram
July 18 price
Price of 24 carat gold – ₹73,979 per 10 grams
Price of 22 carat gold – ₹67,765 per 10 grams
Silver price – ₹91,555 per kilogram
The effect of reduction in custom duty is
In the Union Budget, Finance Minister Nirmala Sitharaman has announced a reduction in the custom duty (import duty) on gold and silver from the earlier 15 percent to 6 percent, while the import duty on platinum has now come down from 15.4% to 6.4%.
These announcements have also had a huge impact on the prices. This sharp drop in prices has come as a gift for the customers. Of course, the wedding season is over, but the festive season will begin after some time. In such a situation, this sharp drop in precious metals will lead you to a good purchase.
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