Bullion prices were also seen in the global market.
Gold, Silver rate today: Continuation of the fall in gold prices. On Friday, the spot price of 24 carat pure gold in the domestic bullion market fell by Rs 239 to Rs 45,568 per ten grams. Similarly, spot prices of silver also fell by Rs 723 to Rs 67,370 per kg. In the previous trading session, gold was recorded at Rs 45,807 per ten grams. Whereas, silver was sold at Rs 68,093 per kg.
The global market also saw a slight pressure on bullion prices. In the international market, gold was trading at $ 1,774 an ounce and silver at $ 26.94 an ounce.
Fall in futures market too
Gold futures also fell by 0.27 per cent to Rs 46,000 per ten gram on Thursday. Participants are reducing their holdings due to low demand in the spot market. Due to which pressure is visible on futures prices. Gold prices fell by Rs 126, or 0.27 per cent, to Rs 46,000 per ten gram in a business turnover of 13,987 lots for April delivery on Multi Commodity Exchange (MCX). In New York, gold was trading down 0.24 percent at $ 1,770.70 an ounce.
Government reduced duty in the budget
The Union Government had announced in the Budget 2021 to reduce the custom duty on gold, silver and other precious metals from 12.5 per cent to 10 per cent. Explain that earlier on July 2019, the custom duty on these expensive metals was increased from 10 percent to 12.5 percent. After which there was a rise in the prices of gold and silver in the country. Currently, gold and silver have become very expensive.