Gold prices rise before budget, breaks all records

New Delhi: Even before the presentation of the Union Budget, there is a tremendous jump in the prices of gold and it has broken all its old records. While its price crossed Rs 82,000 during futures trading on Thursday on the Multi Commodity Exchange (MCX), it also reached a record high level in the domestic market. In the full budget of last year, a big drop was seen in the gold price after the custom duty was reduced on the day of the budget.

Gold prices had fallen drastically only after an announcement made by the Finance Minister in the full budget of the last financial year. In fact, while presenting her budget speech, Nirmala Sitharaman had announced the reduction of the custom duty on gold and reduced it from 15 percent to 6 percent. After this announcement, there was a big fall in the price of gold on the day of the budget itself and it became cheaper by Rs 4000 per 10 grams.

If reports are to be believed, after falling badly, the price of gold started gaining momentum only a month after the budget and now it has reached the sky. In such a situation, the government can make an announcement regarding the custom duty on gold. Now it remains to be seen whether the Finance Minister will give relief again or the price of gold will increase further.

Talking about the price of gold, its price on MCX rose a lot on Friday and the price of gold with expiry on April 4 reached Rs 82,415 per 10 grams. On the last trading day, Thursday, at the end of trading, it rose by Rs 1114 and closed at Rs 81,988. At the beginning of Budget Week i.e. last Monday, its price was Rs 80,160 per 10 grams and till now it has increased by more than Rs 2000 per 10 grams.

The special thing is that the price of gold in MCX and domestic market has seen a strong jump just before the budget. According to the website of Indian Bullion Jewelers Association (IBJA), on Friday, January 31, the price of 10 grams of 24 carat gold (24 Karat Gold Price) reached Rs 82,170 per 10 grams. Talking about other categories of gold, it reached 22 carat gold (Rs 80,190 / 10 grams), 20 carat (Rs 73,130 / 10 grams) and 18 carat gold (Rs 66,550 / 10 grams).

It is worth noting that the gold rates mentioned on the website of Indian Bullion Jewelers Association remain the same across the country, but these rates are without making charges and GST. It increases by including 3 percent GST and making charges. Please note that making charges may vary in different cities of the country.

Let us tell you that the price of gold jewellery across the country varies due to excise duty, state taxes and making charges. Mostly 22 carat gold is used to make jewellery, while some people also use 18 carat gold. Hall mark is recorded on the jewellery according to the carat. 999 is written on 24 carat gold jewellery, while 958 is written on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat.

Silver Price You can also check the price of gold and silver through a missed call. For this, you have to call the number given below 8955664433. Shortly after the missed call, you will get to know the rates through SMS. Apart from this, you can also check the rates by visiting the official website ibjarates.com.