People buy gold at a jewellery store in Pune in this file photo. (Rahul Raut/HT Photo)
People buy gold at a jewellery store in Pune in this file photo. (Rahul Raut/HT Photo)

On Budget day, gold prices at 47,970 per 10 gram; silver at 69,800 per kg

Union finance minister Nirmala Sitharaman will present Budget 2021 at 11 am today.
By | Edited by Karan Manral
PUBLISHED ON FEB 01, 2021 09:03 AM IST

On a day Union finance minister Nirmala Sitharaman is scheduled to present Union Budget 2021, the price of 22 carat gold and 24 carat gold across India rose to 47,970 and 48,970 per 10 gram, respectively, on Monday, according to the Good Returns website. On Sunday, 22 carat gold was being sold at 47,960 per 10 gram while 24 carat gold was available at 48,960 per 10 gram, the website shows. Silver, however, stayed put, and is available at 69,800 per kilogram, according to the website.

Also Read | What to expect from finance minister Nirmala Sitharaman’s Budget 2021-22

Gold jewellery price varies across India, the second-largest consumer of the metal, due to a number of factors like excise duty, state taxes etc. Accordingly, in New Delhi, 22 carat and 24 carat gold are available at 47,970 and 52,320 per 10 gram respectively, while in Mumbai these are priced at 47,970 and 48,970. In Chennai, 22 carat gold is at 46,570 per 10 gram while 24 carat gold is at 50,790. In Kolkata, meanwhile, these are at 48,340 and 51,040 respectively.

Silver, on the other hand, is at 69,800 per kilogram in Delhi, Mumbai and Kolkata while in Chennai it is at 74,600 per kilogram.

The All India Gem and Jewellery Domestic Council (GJC) has urged the central government to reduce customs duty on gold to 4% and withdraw tax collected at source (TCS), among other things. “We urge the government to reduce the customs duty to 4% from the current 12.5%. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business,” new agency PTI quoted GJC chairman Ashish Pethe as saying.

Also Read | Centre may slash customs duty on gold

Finance minister Sitharaman will present the Budget at 11 am on Monday. This will be the country’s first-ever “paperless” budget as the finance ministry decided to keep it that way due to the ongoing coronavirus (Covid-19) pandemic.

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