Gold Price Today on 23rd July 2024: Due to the announcement of reduction in custom duty on gold and silver by the government in the budget, the prices of these precious metals have fallen sharply today. Gold and silver prices were seen trading with a big fall in the futures market today. On the MCX exchange, gold for delivery on October 4, 2024 was seen trading at Rs 69,230 per 10 grams on Tuesday evening, down 5.44 percent or Rs 3,986. At the same time, gold for delivery on August 5, 2024 was seen trading at Rs 68,927 per 10 grams, down 5.21 percent or Rs 3,791. However, gold prices have seen a rise in the global market.
Tremendous fall in silver too
Along with gold, silver prices also saw a big fall on Tuesday evening. Silver for delivery on 5 September 2024 was seen trading at Rs 85,077 per kg on MCX exchange, down by 4.63 per cent or Rs 4,126. On the other hand, a decline in the price of silver has also been seen in the global market today.
Custom duty reduced on gold and silver
Finance Minister Nirmala Sitharaman has announced a reduction in custom duty on gold and silver while presenting Budget 2024 today. Gems and jewelery exporters have been demanding a cut in duty on precious metals for the last several years to promote exports and manufacturing. Finance Minister Nirmala Sitharaman said, “The aim of my proposal for custom duty is to support domestic manufacturing, promote local value addition, promote export competitiveness and simplify taxation while keeping the interests of the general public and consumers paramount.” She said, “To increase domestic value addition in gold and precious metal jewelery in the country, I propose to reduce the custom duty on gold and silver to 6 percent and on platinum to 6.4 percent.
