Gold prices fall for 4th day in a row, down Rs 2,000 per 10 grams | Check New Rate
Gold prices fall for 4th day in a row, down Rs 2,000 per 10 grams
New Delhi: Gold prices in India fell for the fourth day in a row on Thursday after the government slashed the customs duty on the metal in the Union Budget.
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Gold futures on MCX slumped by ₹2,000 per 10 grams in four days to ₹47,400. Silver prices also fell by more than ₹6,500 since the Budget to ₹67,840 per kilogram.
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The government proposed to reduce import duties on gold and silver to 7.5% from 12.5% now. But a farm cess of 2.5% will be added to customs duty. So the net reduction in both gold and silver will be 2.5 percentage points even after adding the farm cess.
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It means gold is set to become cheaper by nearly Rs 1,200 per 10 gram while silver prices will come down by Rs 1,750 per kg due to the duty cut.
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