Winning Bizness Desk
Mumbai. After the Finance Minister announced to reduce custom duty on gold and silver in the recently presented budget, its effect is visible and as the prices have started coming down. In the last 2 days, gold has become cheaper by Rs 4000 and silver by Rs 3600. Just three days ago, the Modi government reduced the custom duty on gold and silver from 15% to 6% in the budget. This has led to this fall in prices and experts believe that the prices of these two metals may fall a little more in the coming days. Its effect was visible the very next day of the budget when on July 24, gold fell by Rs 408 to Rs 69,194, while on July 23 it fell by Rs 3600. Silver, on the other hand, fell by Rs 22 to Rs 84,897 per kg. Talking about the price of these metals in 4 metros, the price of 10 grams of 22 carat gold in Delhi was Rs 65,100 and the price of 10 grams of 24 carat gold was Rs 71,010, while in Mumbai, the price of 10 grams of 22 carat gold was Rs 64,950 and the price of 10 grams of 24 carat gold was Rs 70,860. Similarly, in Kolkata, the price of 10 grams of 22 carat gold was Rs 64,950 and the price of 10 grams of 24 carat gold was Rs 70,860, while in Chennai, the price of 10 grams of 22 carat gold was Rs 64,900 and the price of 10 grams of 24 carat gold was Rs 70,800.
Demand for gold to remain in-tact
This year so far, the price of gold has increased by Rs 5,842 per 10 grams. At the beginning of the year, it was at Rs 63,352, which is now at Rs 69,194 per 10 grams. At the same time, silver was at Rs 73,395 per kg at the beginning of the year, which has now reached Rs 84,897 per kg, which means silver has increased by Rs 11,502 this year. According to commodity experts, this time in the budget, the custom duty on gold and silver has been reduced from 15% to 6%. Due to this, a decline in its price is being seen. But after the reduction in custom duty, the demand for gold will increase more rapidly in the coming days. There may be a decline in gold and silver right now, but it can only be called duty adjustment. Even if gold falls for a few days, it will cover it again. In view of the elections in America and global tensions, the prices of gold and silver will not fall much. This is a good opportunity to buy.
Keep these 3 things in mind while buying gold
Experts suggest that always buy certified gold and for this always buy gold with the hallmark of Bureau of Indian Standards (BIS). There is a 6-digit hallmark code on gold. It is called Hallmark Unique Identification Number or HUID which is alphanumeric, like AZ4524 etc. Through hallmarking, it is possible to find out the purity ie how many carats a gold is. Apart from this, cross-check the correct weight of gold and its price on the day of purchase from many sources (such as the website of India Bullion and Jewelers Association). Remember that the price of gold varies according to 24 carat, 22 carat and 18 carat. 24 carat gold is considered to be the purest gold, but jewelry is not made from it because it is very soft. One more thing, while buying gold, it is better to make payment through UPI (such as Bhim App) and digital banking instead of cash payment. If you want, you can also make payment through debit or credit card. After this, do not forget to take the bill. If you have ordered online, then definitely check the packaging.
