Gold Prices Drop by ₹3,000 After Budget 2024 Announcement; Shoppers Rush to Pune Markets
Indian Women Own 11% of the World’s Gold: A Comprehensive Report
Pune, India – In a significant relief to gold buyers, the price of gold has decreased by ₹3,000 per tola following the announcement of the Budget 2024. Over the past few months, gold prices had surged dramatically, reaching up to ₹73,000 per tola. Consequently, the focus was on whether the new budget would make gold cheaper or more expensive.
Today, the Union Finance Minister, Nirmala Sitharaman, presented the third budget of the NDA government led by Prime Minister Narendra Modi. Among several major announcements, the decision to reduce customs duty on gold and silver has been a notable highlight. This move has led to a substantial reduction in gold prices, providing much-needed relief to consumers.
The impact was immediately visible in the saraf bazaars (jewelry markets) of Pune, where there was a rush of customers, especially women, eager to purchase gold. Within just two hours, the price per tola of gold dropped by ₹3,000, much to the delight of shoppers. Many customers expressed their satisfaction with the budget, citing the reduced gold prices as a significant benefit.
Prior to the budget, the customs duty on gold and silver stood at 15%. However, the government’s decision to cut this duty to 6% has effectively halved the customs tax, leading to a considerable drop in gold prices. This reduction has been warmly welcomed by the general public, who are now able to purchase gold at more affordable rates.
Finance Minister Nirmala Sitharaman’s announcement of the reduction in customs duty on gold and silver is seen as a positive move that has already started to boost the market, with many expecting continued benefits for consumers in the coming days.
This budget decision is anticipated to further stimulate the gold market, encouraging more people to invest in gold, traditionally seen as a safe and valuable asset in Indian households.
