New Gold Prices (Gold Price, 3 February 2021) – On Wednesday, the price of gold in Delhi Sarafa Bazar decreased by Rs 232 per 10 grams. In the capital Delhi (Delhi), the new price of gold of 99.9 grams purity has now been Rs 47,387 per 10 grams. Earlier in the trading session, gold had closed at Rs 47,619 per 10 grams. At the same time, the price of gold in the international market today fell to $ 1,835 an ounce.
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New Silver Prices (Silver Price, 3 February 2021) – After Tuesday in Delhi bullion market, on Wednesday i.e. Wednesday also, there was a sharp decline in silver prices. Now its price has fallen by Rs 1,955 to Rs 67,605 per kg. In the international market today, the price of silver remained at $ 26.78 an ounce. In other words, if silver prices remain intact in the international market today.
Why gold and silver fall – According to Tapan Patel, Senior Analyst (Commodities) at HDFC Securities (HDFC Securities), gold trading is under pressure due to the strength of the dollar. Apart from this, due to the delay in the stimulus package in the US, the price of gold is also declining. At the same time, Finance Minister Nirmala Sitharaman has announced a reduction in custom duty on gold in Budget 2021. In such a situation, investors are profiting at a higher level of gold prices. Therefore, the prices of gold and silver are declining.
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Announcement of reducing import duty by 5 percent Finance Minister Nirmala Sitharaman has announced a huge cut in the import tax on gold and silver in the budget presented for the financial year 2021-22. There is a 5 percent reduction in import duty on gold and silver. At present, 12.5 percent import duty has to be paid on gold and silver. Only a 7.5 percent import duty will have to be paid after a cut of 5 percent. This will see the fall in the prices of gold and silver.