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Silver became costlier by Rs 602
The price of silver also rose by Rs 602 to Rs 68,194 per kg. Silver had closed at Rs 67,592 in the previous trading day. In the international market, gold was at $ 1,730 an ounce while silver was at $ 26.68 an ounce.
Government selling gold at 10 months’ cheapest price
If you want to invest in gold then this is the right time for you. The central government has introduced the Sovereign Gold Bond Scheme. The 12th series of sovereign gold bonds has started from March 1 and you will be able to invest in it by March 5. This scheme is the last series of the current financial year. The most important thing in this is that this time the price of Sovereign Gold Bond is the lowest in ten months, that is, at the low level of 10 months. The Reserve Bank of India has fixed the price of gold subscription at Rs 4,662 per gram this time. If you apply online, you will get a rebate of 50 rupees per gram. This means that you will spend Rs 4,612 for one gram of gold.
Government reduced import duty on gold and silver
On February 1, the government announced a cut in import duties on gold and silver. This step will help in bringing down the prices of these precious metals in the domestic market and will encourage the export of gems and jewelery. Finance Minister Nirmala Sitharaman, while presenting the budget for 2021-22, said, “At present 12.5% customs duty is levied on gold and silver. Since the duty was increased by 10 per cent in July 2019, the value of precious metals increased sharply, to bring it closer to the previous level, we are rationalizing customs duty on gold and silver. ‘ The customs duty on gold and silver has been reduced to 7.5 per cent.