Gold Becomes More Affordable as Prices Drop by Rs. 5000 in Three Days; Good Time for Buyers to Invest
Government Reduces Import Duties
In a surprising move, the government cut import duties on gold and silver from 15% to 6% in the most recent budget. This significant reduction resulted in a noticeable price drop within three days. Consumers and investors alike have welcomed the new rates.
Gold Prices Plummet
On July 25, the price of gold dropped by ₹974, reaching ₹68,177. Earlier, on July 23, the price had fallen by ₹3,616, and on July 24, it saw a further reduction of ₹451. These consecutive declines have made gold more affordable for buyers.
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Silver Prices Follow Suit
Similarly, the price of silver saw a substantial decrease of ₹3,061 per kilogram, bringing it down to ₹81,801. This reduction aligns with the government’s decision to cut import duties, making precious metals more accessible.
Expert Insights
According to commodity expert Ajay Kedia, the primary reason for the price decrease is a reduction in import duties. He predicted that lower gold prices would cause a surge in demand in the coming days. Kedia also stated that, while the current reduction is significant, prices may not remain low indefinitely. The upcoming US elections, as well as global economic tensions, could have an impact on the stability of gold and silver prices.
Conclusion
Despite the current drop in prices, experts believe this is a good time for buyers to invest in gold. The market dynamics indicate that prices may rise again, making this a potentially profitable time for investment.
