Gold and silver became cheaper before the budget, how much have the prices become? - Newztezz Online

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Thursday, February 1, 2024

Gold and silver became cheaper before the budget, how much have the prices become?

Experts related to gold and silver are speculating that the government may reduce the import duty in the budget and may approve the purchase of gold worth Rs 5 lakh without PAN card. At the same time, the US Federal Reserve has kept the interest rates on hold.

Before the start of the budget, there is a decline in the prices of gold and silver in the futures market of the country. On one hand, the price of silver has come down to Rs 72 thousand. Whereas the price of gold is below Rs 63 thousand. However, experts related to gold and silver are speculating that the government may reduce the import duty in the budget and may approve the purchase of gold worth Rs 5 lakh without PAN card. By the way, the Federal Reserve has kept the interest rates on hold. The effect of which is also visible in the prices of gold and silver. Let us also tell you what kind of price figures of gold and silver are being seen.

fall in gold price

There is a decline in the price of gold on the country's futures market Multi Commodity Exchange. At 10 am, the price of gold is trading at Rs 62,650 per 10 grams with a fall of Rs 85. However, today gold opened at Rs 62,639. The price of gold also reached Rs 62,615 during the trading session. A day ago the price of gold had closed at Rs 62,735. If experts are to be believed, there may be pressure in gold prices in the coming days.

Silver also became cheaper

A fall in the price of silver is also seen one hour before the budget speech. Silver price is trading at Rs 71,970 per kg with a fall of Rs 277 at 10 am. During the trading session, the price of silver reached the day's low of Rs 71,940. However, the price of silver opened at Rs 72,146. A day ago, silver prices had closed at Rs 72,247. According to experts, further decline may be seen in the price of silver. Provided that something is not announced in the budget which will impact the prices.

How much gold changed from the budget of 2019

If we talk about the interim budget of the year 2019, then on that day an increase of more than 1 percent was seen in the price of gold and the price of gold has reached Rs 33,405. Since then, there has been a significant increase in the price of gold. According to the data, a day ago the price of gold was Rs 62,735. This means that an increase of Rs 29,330 has been seen in the price of gold. That means an increase of about 88 percent has been seen in the price of gold.

Position of gold and silver in foreign markets

There is a decline in the prices of gold and silver in foreign markets. In the Comex market, gold futures are trading at $ 2,062.80 per ounce with a fall of $ 4.60 per ounce. Gold spot price is trading at $ 2,046.41 per ounce with an increase of $ 6.89 per ounce. On the other hand, Silver Future is trading at $ 23.10 per ons with a decline of 0.32 percent. Whereas the price of silver spot is trading at $ 23 per ons with an increase of 0.19 percent.

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