Budget impact: Gold prices hit historic highs, silver also rumbled

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image : Envato


New Delhi, February 2, 2023, Thursday

Gold touched an all-time high of Rs 57,910 on Wednesday after the Budget announced an increase in custody duty on gold and silver and today rose 1.11 per cent to Rs 58,525 on the MCX. Silver also rose by 2.06 percent to Rs 71,280. These gold and silver prices on MCX are futures on April 5 and March 3 respectively. Due to boom in the international market and domestic demand, the price of gold has increased by Rs 9000 per 10 grams in the last 4 months. However, in the first month of the new year, the price of gold has increased by 4000 rupees.

Chances of gold price reaching 65000 rupees per 10 grams increased

It is worth mentioning that after the coming of the budget, experts believe that now the chances of gold price reaching 65000 rupees per 10 grams have increased. While silver will also see a rise. Finance Minister Nirmala Sitharaman also announced an increase in customs duty in the budget speech.

Gold prices bullish due to continuous gold purchases by central banks

Ajay Kedia, president of Kedia Commodities, says that there was hope of a reduction in the import duty of gold and silver, but on the contrary, the customs duty has been increased. He said that due to the Russia-Ukraine war, fears of a market slowdown, increased investment in ETFs and continued gold purchases by central banks, the gold price is bullish. As for silver, it can touch the price of 90000.

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