Gold prices remained stable in Indian markets today. Today on Saturday, gold futures on MCX declined by 47,345 per 10 grams, while silver futures were up 0.3% at 69184.00 per kg. In the previous session, gold had fallen by 1% while silver had fallen by 0.33%. Gold rates in India reached Rs 56,200 in August, which have now come down to Rs 9,000. Analysts said that the improvement in gold prices is boosting demand for gold in India. Today, gold prices in the global markets rose to $ 1,820.73 an ounce.
In New Delhi, the price of 22-carat gold slipped by Rs 500 to Rs 46,390 per 10 grams, while in Chennai it fell to Rs 44650. In Mumbai, this rate has come down to Rs 46430. The price of 24-carat gold in Chennai has also come down to Rs 48710 per 10 grams. The price of 22 carat gold in Lucknow was Rs 46390 per 10 grams and in Patna Rs 46390 per 10 grams.
In Budget 2021, Finance Minister Nirmala Sitharaman said that the government is rationalizing the customs duty on gold and silver. Currently, there is a 12.5% import duty on gold. The government announced a reduction in customs duty on gold and silver from 12.5% to 7.5%. The Finance Minister said that since July 2019, the duty had increased by 10 %, so the prices of gold have increased sharply and to bring it closer to the previous level, we are rationalizing the custom duty on gold and silver. Reducing the import duty on gold to 7.5% was a long-standing demand of the gems and jewellery industry.
The Gem and Jewellery Industry had demanded a 4% reduction in customs duty on gold in the upcoming Union Budget 2021-22. A new report by the World Gold Council states that there is a sharp decline in gold purchases by central banks worldwide in 2020. A major reduction in purchases has been recorded in the second half of the year. Central banks made a modest net purchase of 44.8 tonnes in the fourth quarter of 2020. Central gold banks' annual gold purchases fell nearly 60% to 272.9 tonnes.
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