Chennai: A day after the Union Budget was presented, the price of gold has fallen further.
On Tuesday, Finance Minister Nirmala Sitharaman announced a reduction in import duty on gold and silver from 15 percent to 6 percent, a move welcomed by sellers as it will make these precious metals cheaper in India.
Today, gold is being sold at Rs 51,920 per sovereign in the city, marking a price drop of Rs 480 from yesterday’s rate of Rs 52,400. The price per gram of gold also saw a dip of Rs 60 and is being sold at Rs 6,490 today.
Similarly, the price of silver has decreased by Rs 0.50 and is now being sold at Rs 92 per gram.
On Monday, the rate of gold in the Chennai jewellery market was Rs 54,600 per sovereign and Rs 6,825 per gram. Following the Budget announcement, the price of gold per sovereign fell by Rs 2,200, dropping to Rs 52,400 per sovereign and Rs 6,550 per gram by Tuesday noon.
The rate of silver, which was Rs 95.60 per gram on Monday, came down to Rs 92.50 on Tuesday. The continuous decline in prices is expected to impact the market, making gold and silver more accessible to buyers