Gold, Silver Rate Today: Gold and silver prices fell on Tuesday in the bullion market. Gold prices fell by Rs 480 to Rs 47,702 per ten gram in Delhi bullion market. At the same time, silver also took a big fall of Rs 3,097 and sold at Rs 70,122 per kg. Experts believe that the reason for the fall in bullion prices on Tuesday is the decrease in prices in the global market.
In the last trading session, the spot price of gold was settled at Rs 48,182 per ten grams. While silver was at Rs 73,219 per kg.
In the international market, gold was seen trading at $ 1847 an ounce and silver at $ 27.50 an ounce. Both of them traded with a fall in precious metals.
According to PTI, Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said that there was a downward trend in gold prices in the US due to lack of further stimulus packages and no new triggers for investors. Along with investors, traders also stressed on profit booking.
Navneet Damani, Vice President, Commodities Research, Motilal Oswal Financial Services, says investors have booked profit at the top price. This is because there was a sharp drop in prices after the announcement of duty cuts in the budget on Monday. In such a situation, investors insisted on profit booking.
Customs duty reduced to 7.5%
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2021-22, announced a reduction in customs duty on gold and silver from 12.5 per cent to 7.5 per cent. He said that since the duty was raised above 10 per cent in July 2019, the prices of precious metals have increased sharply. To bring it closer to the previous level, we are rationalizing the customs structure on gold and silver.