Gold prices fall another Rs 1,800 per 10 gram today post customs duty cut announcement in Budget 2021
Gold prices fell for the second consecutive session on Tuesday, reported Financial Express.
The report added that on MCX, gold April futures were seen trading at Rs 48,380 per 10 gram, down Rs 340 or 0.70 per cent. While silver March futures plunged Rs 1,835 or 2.49 per cent to Rs 71,831 per kg on Multi Commodity Exchange.
On the Budget day, Finance Minister Nirmala Sitharaman announced to cut base customs duty gold and silver prices, and imposed a 2.5 per cent agriculture infrastructure and development cess. The customs duty on gold and silver has been reduced to 7.5 per cent.
Quoting analysts the report reveals that domestic gold prices have become cheaper due to duty cut; however, the general price trend will be determined by international markets.