Gold Price: Gold price fell after the presentation of Budget 2024. Experts attribute the government’s decision to reduce customs duty on gold and silver as the reason for the decline in the yellow metal. As the price of gold has dropped significantly, investors are wondering if it is the right time to invest. Read on to find out what the experts recommend.

Gold prices fall again: Is it the right time to buy? Check out the tips from the experts (Image source: iStock)

In the Union Budget 2024-25 presented on July 23, Finance Minister Nirmala Sitharaman announced a significant reduction in customs duty. to sleep And silver. To promote domestic price growth in gold and precious metal jewellery, the government has increased the customs duty on gold and silver to 6% and on platinum to 6.4%.

What do the experts think?

Experts are seeing this reduction as a positive move for investors, as it has already led to a fall in gold prices. This makes gold a more attractive investment option.

Basic Customs Duty

Basic customs duty on precious metal coins, gold/silver finds and gold and silver bars has been reduced from 15% to 6%.

Silver and Gold Duty

Additionally, duty on gold and silver wire has been reduced from 14.35 percent to 5.35 percent.

Is it right to invest in gold now?

Aksha Kamboj, VP, India Bullion & Jewelers Association and Executive Chairperson, Aspect Global Ventures Pvt Ltd said, “Definitely yes… With the 9% reduction in gold duty, the gold price in Indian Rupees is 5900. There is a reduction of Rs./- per 10 grams one needs to cash this situation as the consumer is a clear winner at this point with the gold price falling.”

Key implications of duty cuts

Low gold prices

The reduction in customs duty has led to a fall in gold prices, making it more affordable for investors.

Increase in demand

Lower prices are expected to increase demand for gold, both for investment and personal use, such as in jewelry.

Possibility of price fluctuation

Although the duty cut is a positive development, gold prices continue to fluctuate due to various global economic factors, geopolitical events and investor sentiment.



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