24th July 2024- Gold prices dropped significantly on Tuesday, falling by Rs 3,350 to settle at Rs 72,300 per 10 grams in the local market. This dropping follows the government’s recent union budget decision to lower the customs duty on gold and silver to 6 per cent. The price of gold saw a 4.6 per cent decrease from the previous day’s rate of Rs 75,650 per 10 grams. Gold with 99.5 per cent purity also experienced a reduction, with its price falling to Rs 71,950 per 10 grams from Rs 75,300.
Silver prices have decreased by Rs 6,900 over the past five sessions, bringing the price to Rs 94,000 per kg as of July 18, down from Rs 400 previously. The market reacted positively to Finance Minister Nirmala Sitharaman’s announcement in the Union Budget 2024, which proposed a reduction in customs duties on gold, silver, and platinum.
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