From August 1, gold prices will likely go down by 9%. This is because the government cut the taxes on imports. People will be able to buy gold for even less money.
The government chose something important.
Since August 1, there has been a big change in the price of gold. This has changed because the government lowered the tax on gold imports. This important choice was made in the Union Budget 2024. As soon as all the customs paperwork is done, cheap gold should be on the market from Thursday on.
The Finance Minister made a speech
When she presented the budget on July 23, Finance Minister Nirmala Sitharaman said that the fee on gold imports would go down from 15% to 6%. This decision went into action right away, but the low-priced gold didn’t arrive for a while because customs procedures had to be finished first.
How much will gold cost?
Yogesh Singhal, head of the All India Gems and Jewellery Domestic Council, said that shoppers can expect gold to cost about Rs 5,000 to Rs 6,000 less per 10 grams after the 9% tax cut.
Jewelers’ extra fees will go down.
Singhal also said that the drop in import taxes should make it less profitable to buy and sell gold on the black market. Jewelers can’t charge more for gold anymore. They used to be able to because of illegal purchases, but now they can’t.
The Gold prices has gone down.
The Indian Bullion and Jewellers Association says that on July 22, just before the budget, the price of 10 grams of 24 carat gold was Rs 73,218. This price dropped to Rs 69,309 per 10 grams on July 31. The jewelry business will also do better because of this change. It will be easier to buy gold. We think that lower prices will increase demand, which could mean more jobs in the field.
