Gold Prices in Bhubaneswar Drop After Union Budget 2024: A Detailed Look
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| Gold price(rate) in Bhubaneswar |
The gold price in Bhubaneswar, Odisha, has seen a significant drop following the announcement of the Union Budget 2024 by Finance Minister Nirmala Sitharaman. The new budget has introduced a customs duty reduction on gold, silver, and platinum, leading to a notable decrease in the prices of these precious metals.
Impact of the Union Budget 2024 on Gold Prices
In her budget speech, Finance Minister Nirmala Sitharaman proposed a substantial reduction in customs duties on precious metals. The customs duty on gold and silver was cut to 6%, down from the previous 15%. For platinum, the customs duty has been reduced to 6.4%. This move has been welcomed by the jewelry industry, which has seen immediate benefits in terms of lower prices.
Gold Prices in Bhubaneswar
As a direct result of the customs duty cut, gold prices in Bhubaneswar have fallen. The price of 24-carat gold has decreased by Rs 4,000 per 10 grams, now costing Rs 73,850, down from Rs 74,970. Similarly, the price of 22-carat gold has dropped to Rs 67,700 from Rs 67,800 per 10 grams.
Silver and Platinum Prices Also Affected
The reduction in customs duty has also affected the prices of silver and platinum. Silver prices have dropped by Rs 4,720 per kilogram. Meanwhile, platinum, which now has a customs duty of 6.4%, has also seen a decrease in price, although specific figures for Bhubaneswar are yet to be confirmed.
Positive Reception from the Jewelry Industry
The jewelry industry has responded positively to the budget announcement. The reduction in customs duties is expected to make gold, silver, and platinum more affordable for consumers, boosting sales and benefiting the overall market.
Conclusion
The Union Budget 2024 has brought a welcome change for gold buyers in Bhubaneswar, Odisha. With the significant reduction in customs duties, the prices of gold, silver, and platinum have dropped, making these precious metals more accessible to the public. The jewelry industry’s positive reception of this move indicates a promising future for the market.
For the latest updates on gold prices in Bhubaneswar and across India, stay tuned to our blog.
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