Good News: On Budget day Gold prices fall: Check new rates

At a time when Union Finance Minister Nirmala Sitharaman is presenting Budget the Gold price fell to Rs 47,960 per 10 gm from Rs 48,800. Silver price soared to Rs 69,800 per kg according to the Good Returns website.

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Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

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In New Delhi, the price of 22-carat gold stayed at Rs 47,800 per 10 gm, while in Chennai it was at Rs 46,560. In Mumbai, the rate was at Rs 47,960. The price of 24-carat gold in Chennai was at Rs 50,780 per 10 gm.

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The gem and jewellery industry has sought a reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones, in the upcoming Union Budget 2021-22.

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