Gold Price Budget 2025: Finance Minister Nirmala Sitharaman will present the Union Budget on February 1, 2025. The general public has a lot of expectations from this budget. According to media reports, during Budget 2025, big announcements can be made regarding women, farmers, railways and income tax.
Meanwhile, speculation about increasing customs duty on gold has intensified. Experts believe that the government can take such a step to control imports and reduce the trade deficit. If the government takes such a step, the price of gold in the domestic market can increase rapidly. The cost of 999-purity gold in the country is Rs 79453 per 10 grams. If the government increases the import duty in the budget, the country’s gold price can jump even more!
Will import duty on gold increase?
The Modi government reduced the customs duty on gold and silver from 15% to 6% in the budget presented in July 2024. This caused a massive drop in the price of gold. In August 2024, gold imports in India increased by 104% to $10.06 billion.
Will the price of gold increase after the budget?
Experts say that the increased duty will cause a massive jump in the domestic price of gold. In 2024, India imported gold worth $47 billion, more than $42.30 billion in 2023. To control the increasing imports, the government can increase the customs duty. If this happens, the rise in the rate of gold is considered inevitable.
If the price of gold falls before the budget is presented, you should buy gold because the fall in the rate of gold is seen with incredible difficulty. This is being said because the rate of gold has been continuously rising for the last few months.