Budget 2024 Reduces Customs Duty For Gold, Gold To Be 9% Cheaper
Bullion market participants were expecting a five per cent cut in duties, but the FM has announced a nine per cent cut, so it beats expectations
In budget 2024, the finance minister has proposed to reduce customs duties on gold and silver to six per cent from 15 per cent earlier.
Says Sachin Kothari, Director Of Augmont - Gold For All, “The finance minister has made a big announcement regarding the reduction in gold and silver customs duty from 15 per cent to six per cent. This announcement is a welcome step for the bullion industry, as bullion market participants have been waiting for this duty cut for a long time.”
Bullion market participants were expecting a 5 per cent cut in duties, but FM has announced a nine per cent cut, so it beats expectations.
“Indian consumers would be able to buy now at a 9 per cent cheaper rate from today, so it will boost physical demand. MCX Gold prices have fallen by Rs 4,000 from Rs 73,000 to Rs 69,000 as a knee-jerk reaction after this announcement and are expected to fall more up to around Rs67000/ 10 gm as per international pegged price,” says Kothari.
