Gold Indians love to buy. For India Is the second largest consumer of gold in the world. If there is, what to say if gold becomes cheaper. But, prices have been falling since August 2020 so far. In August 2020, the price of gold has reached Rs 56,200 per gram. The price has now come down to Rs 46,738 per gram. Experts say that the worries of Koro’s transition have now disappeared from people’s minds. That is why they are no longer buying gold as a safe investment. Investors have turned to the stock market. The price may go down further in the coming days. In the domestic bullion market, gold prices may fall to Rs 42,000 per 10 grams.
Gold is getting cheaper
Gold has fallen to Rs 1,000 in Delhi’s bullion market due to the reduction in customs duty on gold in the budget. The price of 10 grams of gold has come down below Rs 47,000. Experts believe that the price of gold is declining in the next 15 days but is expected to touch Rs 50,000 per 10 grams again by Diwali.
What happened in the budget is that now gold is getting cheaper
Presenting the budget for the financial year 2021-22, the finance minister had proposed to reduce the customs duty on gold and silver by 7.5%. Currently this is 12.5%. Earlier, in July 2019, the tariff was raised to more than 10%, leading to a rise in gold prices.
Why gold is getting cheaper
The US dollar continues to appreciate internationally. Therefore, the price of gold continues to decline. Gold prices have fallen below નીચે 1,800 per ounce in overseas markets. This happened after November 2020. Commodity market analysts say that if global economic activity continues at this pace, gold prices could fall further in the coming days.
Gold may be cheaper next
Since then, there have been signs of a rise in interest rates, which will also put pressure on the price of gold. Experts believe that the price of gold at the current level could fall from Rs 4,600 to Rs 42,000 per ten grams.