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