Government Reduced Import Duty on Gold and Silver; the Future Price of Gold will Fall in the Indian Market

The Indian government has reduced the import duty on gold and silver market from Today. Due to this, the futures price of gold has fallen drastically in Indian markets for the second consecutive days. Gold price on MCX will fell 0.6 percent to Rs 48,438 per 10 grams. Silver will fell to 2.2 percent to Rs 72,009 per kg due to profit-booking following the recent surge. Gold prices had fallen by 1.2 percent, or Rs 627 per 10 grams, in the previous session, while silver futures had risen six per cent, i.e. Rs 4238 per kg.

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The government reduced import duty

The reduction in gold and silver will help in bringing down the prices of these precious metals in the domestic market and will encourage the export of gems and jewelry. Finance Minister Nirmala Sitharaman, while presenting the budget of 2021-22, said, “At present, 12.5% customs duty is levied on gold and silver. Since the duty was increased by 10 percent in July 2019, the value of precious metals increased sharply, to bring it closer to the previous level, we are rationalizing customs duty on gold and silver. ‘

This duty will be reduced to 7.5 percent on customs duty on gold and silver. In addition, the duty on gold alloy (gold door bar) has been reduced from 11.85 percent to 6.9 percent and on silver alloy (silver door bar) from 11 percent to 6.1 percent. The duty on platinum has been reduced from 12.5 percent to 10 percent, on gold and silver findings from 20 percent to 10 percent, and on precious metal coins from 12.5 percent to 10 percent. However, gold and silver, gold alloys, silver alloys will attract 2.5 percent agricultural infrastructure and development.

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