Gold and silver rate hike after budget 2023 – Gold and silver rate hike after budget 2023

After the announcement of the budget, the prices of gold and silver have increased on the second day as well. Gold has reached an all time high. On the other hand, the price of silver has increased.

New Delhi : Gold price has again reached new high after the budget. (gold at record high) Indian futures market reached (Multi Commodity Exchange) The price of gold has increased. After the budget, on Thursday, gold rose by Rs 700 to reach an all-time high. According to the website of the India Bullion and Jewelers Association (IBJA), gold is trading at Rs 58,689 per 10 grams after gaining Rs 779. Earlier on Wednesday, gold had closed at Rs 57 thousand 910.

On the other hand, if there is a big rise in the price of silver. Silver has become costlier by Rs 1 thousand 805 in the bullion market. Now silver has reached Rs 71 thousand 250 per kg. The price of silver on February 1 was Rs 69 thousand 445 per kg.

Why increased rates?

Finance Minister Nirmala Sitharaman in the budget on Wednesday announced an increase in customs duty on gold and imitation jewelery from 20% to 25%, on silver from 7.5% to 15%. After this, gold prices started rising in the Indian market. Along with this, the purchase of gold by central banks has also increased. With this, gold can reach up to Rs 64,000 in 2023.

big year on year growth

On February 1, 2022, it was Rs 48 thousand 8 per 10 grams, which has now reached Rs 58 thousand 689. That is, its price has increased by Rs 10,681 (20%) in the last 1 year.

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