Pune: Gold and Silver Prices Drop Significantly After Union Budget 2024

Pune, 23rd July 2024: The prices of gold and silver have dropped significantly following the announcement of the Union Budget 2024. Just a few days ago, gold prices had soared to nearly ₹75,000 per tola (10 grams). However, after the budget was presented today, gold prices fell by ₹4,000 per tola.

According to Fattechand Ranka of Ranka Jewelers, the budget announcement had an immediate impact on the prices of these precious metals. “As soon as the budget was announced, the price of gold and silver decreased by ₹4,000,” he said. This price drop has prompted consumers to turn their attention to silver while buying gold.

Before the budget, the price of gold in Pune was ₹74,300 per tola (10 grams), which then slightly decreased to ₹74,100 per tola. Following the budget announcement, the price plummeted to ₹70,000 per tola. Similarly, silver prices fell from ₹92,000 to ₹86,500 per kilogram.

The dramatic price drop is attributed to the reduction in customs duty on gold and silver, as detailed in the budget 2024 presented by Finance Minister Nirmala Sitharaman today. The customs duty on gold and silver has been slashed from 15% to 6%, a significant reduction that has immediately reflected in the market prices.

This decision has been welcomed by consumers across major cities, including Pune. The reduction in gold and silver prices by ₹4,000 per tola within hours of the budget announcement has been met with widespread approval and relief.