Gold And Silver Rate Today After Budget 2024

Gold And Silver Rate Today After Budget 2024: Fluctuations due to US Fed meeting and import duty speculations. Experts advise caution amidst market uncertainty. Delhi records Rs 63,970 (24 carats) post-Budget gold rate

Gold Rate Today After Budget 2024

Gold prices are under selling pressure today as the US Fed meeting signals no rate cut. Ahead of the Union Budget 2024, gold futures on MCX for February 2024 opened lower at ₹62,880 per 10 gm and touched an intraday low of ₹62,800.

Gold And Silver Rate Today After Budget 2024

Silver prices maintained stability before the Budget 2024 announcements, with one gram priced at Rs 76.50, according to Goodreturns.

In major cities like Delhi, Mumbai, and Kolkata, 10 grams of silver were sold at Rs 765, while in Bengaluru, the same quantity cost Rs 740.

In January, silver offered some relief to consumers, experiencing a Rs 4400 drop. However, it rebounded last week, increasing by Rs 1000, followed by another Rs 500 rise this week.

Notably, on January 29, there was a Rs 200 increase, and on January 30, it rose by Rs 300, stabilizing on January 31 at Rs 76,500 per kilogram.

IBJA Report: Gold And Silver Rate Today After Budget

The Indian Bullion and Jewelers Association (IBJA) reported a shift in gold and silver prices. For 24-carat gold, It was Rs 62,685, 23-carat gold at Rs 62,434, and 22-carat gold at Rs 57,420. Meanwhile, 18-carat gold reached Rs 47,014, and 14-carat gold reached Rs 36,671 per 10 grams.

The price of one kilogram of silver was Rs 71,668. Notably, There are no taxes or duties in the futures and international markets for gold and silver, But in the bullion market, Prices vary due to duties and taxes.

Gold Reacts to US Fed Meeting and Budget Outcomes

Anuj Gupta, The go-to person for Commodities & Currency at HDFC Securities spills the beans. Turns out, The pressure is on because the US central bank isn’t dropping any hints about a rate cut in their latest meeting.

Now, All eyes are on the Middle East crisis, stealing the spotlight. Brace yourself, because the twists and turns in the Red Sea crisis are likely to steer the ship of economic data for a while.

Deveya Gaglani, The expert at Axis Securities, has some crucial advice. Today’s Interim Budget could shake things up for Gold prices in India.

There’s a buzz in the gems and jewelry industry about a possible import duty cut from 15% to 5%, Which might push prices down.

Gaglani suggests keeping a close eye on the budget action, warning investors to play it safe.

Gold Rate Today After Budget 2024 In Delhi

This center is the heart of gold-related business. Physical gold is preferred more in the capital Delhi. A large part of the demand for this precious metal in Delhi is met by imports.

Investors are more inclined to invest in gold as a commodity. After this come the trading exchanges. Factors affecting the price of gold include inflation, demand, and geopolitical conditions.

Today, After the Union Budget 2024, The gold rate in Delhi is Rs 63970 per 10 grams for 24 carats and Rs 58650 for 22 carats.

Gold Rate Today In India After Union Budget

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Silver Price Rate Fluctuation In Delhi After Budget

Conclusion:

Gold prices fluctuate After Budget 2024 and the US Fed meeting. With no rate cut hint and potential import duty reductions, the market is uncertain.

Experts advise caution as the Interim Budget’s impact and the Middle East crisis loom. Delhi sees a gold rate of Rs 63,970 (24 carats) post-Budget. Silver prices also vary.

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