Budget 2023 impact gold price may be 65,000 silver will be more expensive

Due to the increase in customs duties on gold and silver, its effect can be seen in the bullion market in the coming days. The chances of the gold price hitting Rs 65000 per 10 grams have now turned strong. At the same time, silver will also rise. This is the estimate of market experts. Explain that in her budget speech, Finance Minister Nirmala Sitharaman said customs duties on items made from raw gold and platinum bullion were increased. Previously, this customs tax duty on raw gold and platinum bars was raised.

Kedia says a cut in the gold and silver import duty was expected. But, on the contrary, the customs duty has been increased. The import duty for all products in the bullion sector was increased from 4% to 10% and the Agricultural Infrastructure and Development Tax (AIDC) was increased from 2.5% to 4.35%, bringing the cumulative duty at 14.35%. The result of this move was visible in the form of an increase in gold and silver prices on MCX.

From now on, given that the impact of the commission increase has normalized, we expect future movements of both prices to be based on the updates issued by the FED, the ECB and the BOE in the coming days.

If this proposal is implemented in the budget, the customs duty on gold bars will be 15 percent. Now it is 12.50 percent. At the same time, this tax on silver will increase from 7.50 percent to 15 percent. Kedia Commodities Chairman Ajay Kedia says gold may go as high as 62,000 to 65,000 rupees this year. At the same time, silver is also expected to break records. Silver prices can reach up to Rs 90,000 in the year 2023.

Gold becomes more expensive at Rs 1,090, silver also rises sharply

Gold prices rose on Wednesday by Rs 1,090 to Rs 57,942 per 10 grams on the national capital’s bullion market amid rising precious metal prices on global markets and the general budget. HDFC Securities gave this information. In the last trading session, gold had closed at Rs 56,852 per 10 grams.

Silver also earned Rs 1,947 to close at Rs 69,897 per kg. Silver had closed at Rs 67,950 per kg in the previous trading session. In the foreign market, gold strengthened to USD 1,923 an ounce while silver fell to USD 23.27 an ounce. Market analysts said spot gold on the Comex was trading at $1,923 an ounce from its previous close. Gold prices posted gains for the third straight month, supported by a weakening dollar and a slower rate hike by the US Federal Reserve.

gold at new all-time high today

Compared to Tuesday’s closing price, gold became more expensive today by Rs 561 to hit Rs 57,426 per 10 grams on the bullion markets. At the same time, an increase of Rs 1123 in silver was recorded. Silver has now reached Rs 68,794 per kg.

There will be an increase in the price of jewelry

Commenting on the announcement, Collin Shah, founder and CEO of Cama Jewellery, said that the increase in basic customs duties on gold bullion and import duties on silver will increase the final price of locally made jewelry and this will result in more local consumption. Refining can be a challenge for collectors. Shah is also the former Chairman of the Gem and Jewelry Export Promotion Council (GJEPC).

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