New Delhi, Feb 1: Gold prices plunged over Rs 2,100 on Monday after the Union Finance Minister Nirmala Sitharaman announced the changes in customs duty rate for precious metals.
So far in the trade, Gold April futures have tumbled Rs 2,136 to Rs 47,201 per 10 grams while the silver March futures surged Rs 4,720 to Rs 74,426 per kg.
On Monday, the government announced a cut in import duty on gold and silver, which will help bring down the prices in the domestic market and boost the exports of gems and jewellery.
“Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver,” Finance Minister Nirmala Sitahraman said.
The customs duty on gold and silver has been reduced to 7.5 per cent.
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