Budget effect Gold created another story hit close to rs 59000 silver crossed rs71000

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Gold price today: After the announcement of raising customs duties on gold and silver in the budget, where gold reached an all-time high of Rs. Silver has also jumped 2.06 percent to reach Rs.71280. This gold and silver price on MCX are the April 5 and March 3 futures respectively.

Let us tell you that now the chances of the gold price reaching Rs 65000 per 10 grams have become strong. At the same time, silver will also rise. This is the estimate of market experts. In her budget speech, Finance Minister Nirmala Sitharaman said customs duties on items made from raw gold and platinum bullion have been increased. Previously, this customs tax duty on raw gold and platinum bars was raised.

Ajay Kedia, president of Kedia Commodities, says a cut in gold and silver import duties 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.

Why is gold running?

Actually, the track is ready for you to increase the speed of gold. Ajay Kedia says the environment is being achieved for gold to grow. Geopolitical tensions, including Russia-Ukraine internationally, the possibility of a market downturn, increased investment in ETFs and the continued purchase of gold by central banks are the factors that are working to increase even further. plus gold prices. Speaking of silver, it can go as high as 90,000.

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