New Delhi: There has been a big news for the common people. In fact, according to sources, the Commerce Ministry has proposed to reduce import duty on gold. In fact, import duty has been reduced from 7.5 per cent to 4 per cent. According to the industry, reducing import duty will bring down gold prices. Gold prices will come down by 3.5 per cent in one stroke. It is said that if the government accedes to the recommendations of the Commerce Ministry, the direct impact will be seen as reducing gold smuggling. Let me tell all of you that the Government had earlier reduced import duty on gold and silver in the Budget.

Import duty was reduced from 12.5 per cent to 7.5 per cent. It is now set to be reduced from 7.5 per cent to 4 per cent. Experts say the fall in in-point duty will make gold and silver cheaper. It is also said that gold prices will come down by 3.5 per cent in one stroke. At the same time, doing so will also increase investor participation in trading and boost organized business in the sector. Not only that, it will also help in preventing smuggling. In fact, he says that the government's move will be better for the bullion industry and investors.

What's the matter- The latest Report of the World Gold Council suggests that the demand for gold has picked up sharply in the December quarter due to festivals and weddings. This is why experts believe that gold demand could break a 10-year record. Let us also tell all of you that most of the gold consumed in the country is purchased from abroad. Looking at the figures of gold imports in the third quarter of any financial year during the last few years, 339.3 tonnes of gold was imported during October to December in 2014-15, now WGC believes that this time the record of 10 years will be broken, i.e., the import figure will also increase. On the other hand, WGC CEO (India) Somasunderam PR says, "The demand for yellow metal in India, the world's second largest market, is mainly dependent on imports of bullion and unclean gold. Looking at the current market signals, gold imports in 2022 are expected to be stronger than this year. This is mainly due to the rapid rise in jewellery demand in the economy. '

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