Gold Price Today: Yellow Metals Fall Sharply Post Budget Announcements | Check Rates in Major Cities Here

New Delhi: Gold and silver prices witnessed a sharp decline in Indian markets on Tuesday, a day after the government announced a cut in import duty on the metals in Budget 2021-22, a move that will help bring down prices of these precious metals in the domestic market and boost exports of gems and jewellery. Notably, the customs duty on gold and silver was reduced to 7.5 per cent. Also Read – Swamy Speaks: Petrol ₹ 93 in Ram’s India, ₹ 51 in Ravan’s Lanka

“Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver,” Finance Minister Nirmala Sitahraman said while presenting the Union Budget 2021-22. Also Read – Petrol, Diesel Price Today: Why Fuel Won’t Cost More Despite New Agri Cess

On Multi Commodity Exchange (MCX), gold futures fell 0.6% to Rs 48,438 per 10 gram, while silver futures plunged over 2 per cent to Rs 72,009 per kg. Also Read – PM Kisan Samman Nidhi Yojana: Rs 75,000 Crore Allocated For Farmers | Quick Recap Budget 2021

Here are the latest gold prices  in the cities of Delhi, Mumbai, and Bengaluru:

Earlier on Monday, Gold in the national capital tumbled Rs 1,324 to Rs 47,520 per 10 gram. Silver, in contrast, jumped Rs 3,461 to Rs 72,470 per kilogram from Rs 69,009 per kilogram in the previous trade.

In the international market, gold was trading in the green at USD 1,871 per ounce and silver also quoted with gains at USD 29.88 per ounce.

According to Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services, “Budget announcement related to cut in import duty cut from 12.5 per cent to 7.5 per cent hammered gold lower. This step has been implemented amidst recent rise in prices, smuggling and other factors.”

(With agency inputs)