New Delhi
The price of gold has been rising continuously for the last two weeks. In Delhi, the price of gold had increased by Rs 700 to Rs 82 thousand per 10 grams. According to experts, the price of gold may remain high. The Union Budget will be presented on February 1. It is believed that after this the price of gold may increase further.
According to the news, there is speculation that the government may increase the custom duty on gold in the budget to be presented on February 1. If this happens then gold import will become expensive. This will increase the price of gold further. Let us tell you that last year the custom duty was reduced from 15 percent to 6 percent. After this the price of gold had fallen significantly.
Increased concern about increase in consumption
In the last budget, the government had reduced the custom duty on gold to stabilize prices amid persistent inflation and ensure adequate supply. However, this has raised concerns about increased consumption, which may increase the trade deficit. In such a situation, experts believe that to curb this loss, the government may announce increase in custom duty on gold in the budget.
Is it the right time to buy gold?
If the government increases the custom duty on gold then gold will become more expensive. In such a situation, experts believe that it is the right time to buy gold before February 1. However, if the custom duty is not increased then it is unlikely that there will be much rise in gold prices.
You can get relief here
The government can cut custom duty on raw materials of many items to promote manufacturing in the budget. This includes medical equipment, electronic goods and footwear etc. If this happens, these industries will get raw materials at cheaper rates. If this happens, the prices of these things can also be reduced, which will benefit the general public.
