Discount on Gold reaches Record High, also the Prices!
- 908 Views
- 4 Comments
- Last comment
Discount on Gold reaches Record High, also the Prices!
Gold Discounts are the Highest Now. Also, Gold Prices have touched its Peak in the Indian Market ahead of Budget 2023.
Follow Us
People looking to Invest in Gold have some good news! This week, Discount on Gold has reached a record high in the past 10 months. What’s more interesting, Gold Prices have also reached a record high!
Gold merchants are offering around ₹3400 Discount on 28 grams of Gold i.e. ₹120 off on 1 gram. Earlier the discount was ₹70 on 1 gram of Gold.
February Gold futures on MCX is currently at ₹58,970 for 10g of 24k gold, record high! Last week it was ₹56,900, and last year at this same time it was ₹49,320. This rise is due to 15% import duty and 3% GST as India imports most of its requirements. Thus, the Gold Industry has proposed to reduce the Import Duty on this metal in the upcoming Budget 2023 on 1st Feb, headed by FM Nirmala Sitharaman.
In 2022, Gold performed extremely well with high returns, and it seems 2023 will see a better result in the global markets as well. Moreover, the Fed is expected to reduce its rate hike from 50 bps to 25 bps or even lower.
Thus, the best time to buy Gold in India is now! What do you think? Also, do you prefer buying Gold online or from your nearest gold merchants?
- Sort By
Which store? Hallmark is no guarantee of pure gold, just saying.
How much % will be reduced in total. Lets say the profit running on gold is 1000 when bought at 11000. how much less do we expect to go down. if its 5 % then the profit fall to 600/-. Any idea how much will it go down from 12000/-
IT software boom is doing it. it allows to easily demand, but supply needs real physical item manufacturing not virtual IT software or iot toys. Amazon selling 15yr old ebay trash every year, only phone models are new which is just more IT. 5G 11G too. Amazon Karigar and useless schemes just sell 100yr old low and ok quality street items at premium price
Covid has triggered unreasonable lull in economy followed by unreasonable exuberance once covid ended. Expect the economy to move sideways this year also.
if import duty is to be reduced then why to buy gold now 😄