Experts say this is the right time to invest in silver and gold. Finance Minister Nirmala Sitharaman has said that the import duty on gold and silver will be reduced.
Experts say this is the right time to invest in silver and gold. Finance Minister Nirmala Sitharaman’s announcement in the latest budget that the import duty on gold and silver will be reduced is beginning to be reflected in the jewelery market. Anuj Gupta, vice president of commodity and currency research at Angel Broking, attributed the fall in gold prices to rising international prices. However, he said that price fluctuations in the physical market are not so much. Prior to the announcement of Budget 2021 on Monday, the gold spot price was around Rs 50,000. It is now Rs 49,500, he said. He said the rise in silver by nearly Rs 3,000 on Monday had not had much of an impact and the silver rate had fallen by nearly Rs 1,500 on Tuesday. However, he said now was the right time to buy gold and silver. Another argument is heard in the same context. Experts predict that gold prices will fall further. In fact gold prices, which had risen sharply during the Kovid period, have been slowly declining since January 6th. However, experts said that the price of gold is likely to rise again if gold jewelery purchases increase sharply.
Meanwhile, on Tuesday, the pound was priced at Rs. 1080 gold in the national capital, Delhi, fell by Rs 480 to Rs. 47,702 pronounced. At the close of the previous session, the price was Rs. 48,182. However, even on Monday the price of gold fell. Silver also moved in the opposite direction on Tuesday. Rs. Silver fell by Rs 3,097 to Rs. Dropped to 70,122. Gupta said gold prices had fallen internationally due to a lack of progress on the US stimulus package. Meanwhile, Finance Minister Nirmala Sitharaman said in her budget speech that the import duty on gold and silver prices was being reduced to curb irregularities in the wake of increased gold smuggling in the country due to high tax burden and to boost jewelery exports. At present, the customs duty on these is 12.5 per cent. The Center has announced its decision in the budget by reducing it to 7.5 per cent.