Union Budget 2021 Relieves Pressure On Buyers, Gold Prices Fall

3 Feb, 2021 16:51 IST|Sakshi Post

Gold prices fall.

Import duty reductions.

Good news for gold and silver buyers. The central government has made a key proposal in the budget. This will reduce the price of gold and silver. The central government has revealed that it will reduce customs duty on gold.

The government is currently levying an import duty of 12.5 percent on gold. However, Union Finance Minister Nirmala Sitharaman said in the budget that the tariff would be reduced from 12.5 percent to 7.5 percent. However again an additional 2.5 special tax was levied.

In July 2019, prices were hiked by the central government raising the import duty from 10 percent to 12.5 percent. Now again, gold and silver prices are likely to fall in the coming days as the Modi government cuts import tariffs.

Gold prices fell 3 percent in the MCX market. Gold for immediate delivery fell by Rs 1,500 per 10 grams and declined to Rs.47, 918. At the same time, the price of gold increased by 1.2 percent in the global market.

The central government has now made several key proposals in the 2021-22 budget. These will not have a direct impact on the common man. The prices of some products will go up. Also, the prices of some other items will go down. Let's get to know what prices are up or down once. Prices of electronic items (such as fridges, air conditioners, and washing machines), mobile phones, and chargers will go up. Iron, steel, nylon cloths, copper items, insurance, shoes, etc. will be cheaper.

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