Gold and Silver Prices Drop After Customs Duty Cut to 6%

Finance Minister Sitharaman reduced gold and silver import duties from 15% to 6%, causing a significant drop in prices on the MCX and reflecting global market trends.

Vinayak Hagargi
July 23, 2024
6:35 pm
1 min read

Finance Minister Nirmala Sitharaman announced a significant cut in import duties on gold and silver from 15% to 6%, leading to a sharp decrease in their prices. This change includes a reduction in the Basic Customs Duty (BCD) from 10% to 5% and the Agricultural Infrastructure Development Cess (AIDC) from 5% to 1%.

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Following the budget announcement, gold prices on the Multi Commodity Exchange (MCX) dropped by Rs 4,000 to Rs 68,500 per 10 grams. This price adjustment mirrors the global trend where gold prices are around $2,397.13 per ounce.

Silver also experienced a notable decline, with prices on the MCX falling by Rs 4,720 to Rs 84,275 per kg. This drop reflects the broader impact of the duty reduction on precious metals, boosting consumer demand but also prompting a sell-off.

During trading, gold initially opened at a high of Rs 72,838 but faced intense selling pressure post-announcement, sinking to an intraday low of Rs 68,500. This represented a significant intraday loss but was later mitigated by some value buying.

Vinayak Hagargi

Vinayak is a passionate financial markets enthusiast with 4+ years of experience. He has curated over 100 articles simplifying complex financial concepts. He has a unique ability to break down financial jargon into digestible chunks. Vinayak aims to empower newbies with relatable, easy-to-understand content. His ultimate goal is to provide content that resonates with their needs and aspirations.

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