In 2024, India witnessed the most drastic price changes of gold and silver once the government released the Union Budget recently. A few major changes led to this downfall in the prices of gold and silver, which we are discussing today.

Factors Operating the Price Changes of Gold and Silver

India, being the second-largest market for gold consumption, recently got great news of a huge gold price cut. As per the recent budget, the honorable FM of India Nirmala Sitharaman introduced a huge cut in the customs duty to 6% of gold and silver. This highly anticipated change created some hustle in the prices of precious metals. Not only this, there are a bunch of such things, leading the current price drop in the local market.

Drop in Customs Duty Charges

Earlier, there was a 15% duty charge levied on gold, where 10% is basic customs duty and 5% to the AIDC (Agricultural Infrastructure and Development Cess). Now there is a 6% basic customs duty right now, adding the 5% for AIDC, bringing the total to 11%. The same duty charges have been cut to 6.4% only for Platinum also.

Change in MCX Pricings

Just after the import duty cut in the Union Budget 2024, the MCX (Multi Commodity Exchange) listings saw a great dip in the prices of gold and silver. Just one week ago, the MCX gold was hovering around Rs.72000/10gms. And now, after the duty cut on the bullion, the MCX gold price is around Rs.68000/10gm.

Apparently, it looks down but the actual market price of gold is still around Rs.71000 per 10 grams due to the demand surge in the market. Though MCX gold price is a great indicator of the price changes of gold and silver in the local market, the local dealers also have a great influence in controlling the price of these precious metals.

Comex Gold Became Weaker

There is also a high demand for the yellow metal in the Japanese currency. As a result, the Comex gold chart witnessed a continuous dip in their pricing, falling from $2480 to $2360. Though this instability is not good anyway, this led the investors to make some extra bucks. Even it is highly anticipated that there will be a US interest hike very soon. And it could be very profiting for them who are purchasing lump sum now.

This have been the major differences which will come in effect leading to price changes of gold and silver very soon. To know the latest updates and buy elegant gold and diamond minimalist jewellery items, always keep your eyes on Lamarquem.com.