Today is the second Monday of Sawan and the price of gold has fallen drastically in the month of Sawan. In the last one week, the price of gold has fallen by more than Rs 5000. Not only gold, silver is also continuously weakening. After the first budget of Modi 3.0 and the decision to cut the custom duty on gold, its prices have fallen drastically. However, this is not the only reason behind the fall in prices, but there are many other reasons as well. In such a situation, is this the right time to buy gold? Let’s know in detail…
It is so cheap from the first of Sawan till Monday
Gold has become cheaper in the month of Sawan and if we look at the change in Gold Price since the first Monday of Sawan, it has fallen from above 72000 to around 68,000. If we look at the data of the last 12 days, the Gold Price was Rs 74,731 per 10 grams on 17 July and since then it has fallen by about 9 percent.
However, on Monday, the first trading day of the week, it has registered a slight increase. But it still remains below 69,000. In this one week period, the gold rate has fallen by about Rs 5,000. According to the IBJA website, if we look at the gold rate on Monday…
24 Carat Gold (999) 68,790/10 grams
22 Carat Gold 67,140/10 grams
20 karat gold 61,230/10 grams
18 karat gold 55,720/10 grams
The price of silver has gone down so much
Along with gold, a big drop has been seen in the price of silver as well. The effect of the government’s decision to reduce custom duty has also been seen on the silver rate. On July 22, the price of silver was Rs 89,203 per kg, which is now trading around Rs 81,000. That is, it has fallen by about Rs 8,000 per kg.
This announcement in the budget and gold and silver scattered
It is worth noting that in her budget speech, Finance Minister Nirmala Sitharaman had announced to reduce the custom duty on gold and silver from 15 percent to 6 percent. Apart from this, according to the budget announcement of the Finance Minister, custom duty was also reduced on imported jewelery. After this announcement, there was a continuous decline in Gold Rate-Silver Rate. If we understand in detail, the custom duty on gold and silver was 15%, which included 10% basic custom duty and 5% agriculture infrastructure development cess. Now, in some 6 percent duty, 5 percent basic custom duty will be levied, while cess is included at 1 percent.
Can the price of gold reach Rs 65,000?
After the reduction of custom duty on gold and silver, the prices of both precious metals have decreased not only in the international market but also in the domestic market. In such a situation, an increase in gold demand can be seen. The effect of the fall in gold demand in China (China Gold Demand) is also visible on its global prices. People are hoping that if this fall continues, gold can reach close to 65,000, but experts are not concerned with this. They say that it can continue to trade between 68000-70,000.
right time to buy gold
However, the huge drop in the price of gold due to reduction in custom duty and falling demand in the international market is no less than a golden opportunity for those planning to buy gold. That is, this is the best time to buy gold. Gold has become cheaper by 4.50 percent in Comex within a week. However, before buying gold, keep some special things in mind, such as identifying its quality.
Let us tell you that mostly 22 carat gold is used to make jewellery, while some people also use 18 carat gold. Hall mark is marked on the jewellery according to the carat. 999 is written on 24 carat gold jewellery, while 958 is written on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat. Talking about prices, the price of gold jewellery across the country keeps changing due to excise duty, state taxes and making charges.