Is the right time to buy gold?
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Gold became cheaper by Rs 5,540 this year
On January 1, 2021, the price of gold was Rs 50,300 per 10 grams. Gold has lost Rs 5,540 since January 1 this year. That is, the yellow metal has reduced by about 11 percent in just two months. Talking about silver, silver has become expensive in the domestic market. It has increased by about Rs 2260. On January 1, silver futures were at Rs 66,950, which is now close to Rs 67,073 per kg.
Government reduced import duty on gold and silver
On February 1, 2021, the government announced a cut in import duty 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. ‘
Fee so incurred
The customs duty on gold and silver has been reduced to 7.5 per cent. In addition, the duty on gold alloy (gold door bar) has been reduced from 11.85 per cent to 6.9 per cent and on silver alloy (silver door bar) from 11 per cent to 6.1 per cent. The duty on platinum has been reduced from 12.5 per cent to 10 per cent, on gold and silver findings from 20 per cent to 10 per cent, and on precious metal coins from 12.5 per cent to 10 per cent. However, gold and silver, gold alloys, silver alloys will attract 2.5 percent agricultural infrastructure and development cess.