Pune experienced a significant drop in gold and silver prices following the Union Budget 2024 announcement. Just a few days ago, gold prices were sky-high at around ₹75,000 per tola (10 grams). However, after the budget presentation, gold prices took a nosedive by ₹4,000 per tola.
According to Fattechand Ranka from Ranka Jewelers, the budget announcement had an immediate impact on the prices of these precious metals. “The prices of gold and silver dropped by ₹4,000 as soon as the budget was announced,” he mentioned. This sudden price drop has led consumers to shift their focus towards purchasing silver instead of gold.
Before the budget, the price of gold in Pune stood at ₹74,300 per tola, which slightly decreased to ₹74,100 per tola. However, post-budget, the price plummeted to ₹70,000 per tola. Similarly, silver prices also saw a decline from ₹92,000 to ₹86,500 per kilogram.
The reduction in customs duty on gold and silver, as outlined in the budget by Finance Minister Nirmala Sitharaman, is the main reason behind the drastic price drop. The customs duty on these precious metals has been reduced from 15% to 6%, resulting in an immediate impact on market prices.
Consumers in Pune and other major cities have welcomed this decision with open arms. The ₹4,000 decrease in gold and silver prices per tola following the budget announcement has been met with widespread approval and relief.
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