New Delhi, July 24, 2024.
Gold prices plummeted by over five per cent after Finance Minister Nirmala Sitharaman announced a sharp import duty cut in gold and silver prices.
At 5 pm, gold prices were down by 5.03 per cent, or Rs 3,657, at Rs 69,061 per 10 grams on the MCX platform amid speculation that gold imports will rise after the duty revision. Silver prices fell by 4.38 per cent to Rs 85,299 per kg after the duty cut.
The FM announced a reduction in customs duties on gold and silver to 6 per cent from the current level of 15 per cent and that on platinum to 6.4 per cent from 15.4 per cent. The duty cut is likely to increase gold imports into the country. In FY2023-24, gold import bill was Rs 3.77 lakh crore, leading to the outflow of an equivalent amount in dollars.