Impact of Budget 2024 on Domestic Gold Prices

Sunday, 11 August 2024, 18:01

Following the Budget 2024 announcement, domestic gold prices experienced a significant decline, dropping over 8% from Rs. 74,080 to Rs. 68,388 per 10 grams. This sharp decrease has raised questions about the future appeal of gold as an investment. Additionally, the prices of gold ETFs and sovereign gold bonds, which are linked to physical gold prices, have also been affected. The conclusion drawn is that the recent custom duty cut may have diminished gold's attractiveness in the short term.
Indiatimes
Impact of Budget 2024 on Domestic Gold Prices

Impact of Budget 2024 on Domestic Gold Prices

Domestic gold prices have witnessed a steep decline following the recent Budget 2024 announcement.

Key Developments:

  • Domestic prices fell over 8% from Rs. 74,080 to Rs. 68,388 per 10 grams.
  • Prices of gold ETFs and sovereign gold bonds have also seen a downturn.
  • The government’s decision to cut custom duties might have impacted investor confidence.

Conclusion:

It appears that gold has lost some of its traditional appeal following the latest budget measures aimed at reshaping the investment landscape. Investors might need to reassess their strategies concerning gold as a secure investment.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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