Gold prices today: Gold and silver prices have been recorded in the Indian market today. Gold futures on the MCX fell 0.0 percent to 44,7331 per decade, while silver fell 0.0 percent to 6,717,177. In Thursday’s session, gold prices rose 0.11% and silver rose 0.2%. MSX was closed for the morning session on Thursday due to a public holiday. Gold prices fell in the global market, but for this week it was more than one percent. Today, the gold spot was down 0.2 percent at 1,718 an ounce.
In New Delhi, the price of 22 carat gold rose by Rs 350 to Rs 44,300 per 10 grams, while in Chennai it rose to Rs 42,500. The rate in Mumbai is Rs 43,710. The price of 24 carat gold in Chennai also rose from Rs 360 per 10 grams to Rs 46,340. In global markets, gold fell 0.1 percent to 1,725.00 an ounce in March. US gold futures then changed slightly to আগের 1,722.60 from their previous high of 1,739.63.
The Indians imported large quantities of their gold and silver necessities. The Finance Minister said that the tariff has been increased by ten per cent since July 2017, so gold prices have risen sharply and to bring it closer to the previous level, we are rationally considering customs duty on gold and silver.
The reduction in gold import duty to 7.5 per cent was a long-term demand of the gems and jewelery industry. Higher import duties not only indirectly encouraged illegal gold transactions, but also hurt government revenue. It is believed that this will stop trafficking.
The gem and jewelery industry had demanded a four per cent reduction in gold duty in the forthcoming Union Budget 2021-22. “We are requesting the government to reduce the customs duty from the current 12.5 per cent to 4 per cent,” Ashish Pethe, chairman of the All India Gems and Jewelery Domestic Council (GJC), told PTI. If the tax rate is not kept at this level, it will encourage trafficking.
According to a new report by the World Gold Council, gold purchases by central banks around the world fell sharply in 2020. The second half of the year recorded a big decline in purchases. In the fourth quarter of 2020, central banks purchased a decent net of 44.7 tonnes. Annual gold purchases by central gold banks fell nearly 60 per cent to 272.9 tonnes.