Last Updated on 25/07/2024 by wccexam Desk
After an announcement in the budget, a big drop in the price of gold is being seen. On July 22, gold was above Rs 72,000, but today its price has come down to Rs 68,000 per 10 grams. There has been a big drop in the gold rate on Thursday as well. On Wednesday too, the price of gold had decreased. This means that after the announcement about gold in the budget, its price is continuously falling. Not only this, the price of silver is also decreasing.
Gold became cheaper by Rs 5000
A day before the budget, i.e. on July 22, the price of gold on the Multi Commodity Exchange (MCX) was Rs 72718 per 10 grams, which came down by about Rs 4000 to Rs 68,700 per 10 grams on the budget day on July 23. At the same time, a big drop in its price is being seen today, which has become cheaper by Rs 1117 per 10 grams. Now the gold rate on MCX has become Rs 67835 per 10 grams. This means that in the last 3 days, the price of gold has come down by more than Rs 5000 per 10 grams.
Silver became cheaper by Rs 8000 per kg
Along with gold, a huge fall is being seen in the price of silver as well. In the last three days, the price of silver has become cheaper by Rs 8000 per kg. On 22 July 2024, the price of silver was Rs 89203 per kg on MCX, but on the day of the budget, the price of silver fell by about Rs 5000 per kg. Today its price has come down by Rs 3000. It is trading at Rs 81891 per kg on MCX today. In this way, the price of silver has come down by Rs 8000 in the last 3 days.
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Why did the price of gold suddenly start falling?
Before Budget 2024, the price of gold and silver was increasing every day, but now gold and silver are falling rapidly. In fact, Finance Minister Nirmala Sitharaman had announced a reduction in custom duty on gold and silver and other metals in her budget speech. The government has now reduced the previously imposed custom duty on gold and silver to 6%. After this decision, gold fell sharply on MCX and became cheaper by Rs 4000.
Gold became so cheap on the day of the budget
On Tuesday, during the trading of gold futures on MCX, it reached the level of Rs 72,850 per 10 grams and as soon as the announcement of reduction in custom duty on gold was made, it started falling rapidly and reached the level of Rs 68,500 per 10 grams. In this way, in just a few hours, the gold price fell by Rs 4,350 per 10 grams.