On Tuesday, the gold prices fell down by Rs 3616

Gold and Silver Prices in India Latest News: On Tuesday, the gold prices fell down by Rs 3616 to Rs 72,300 per 10 grams in the local market. On the other hand, the price of silver tumbled by Rs 3277. Finance Minister Nirmala Sitharaman on Tuesday announced that the customs duty cut on the yellow metal and silver by 6 percent. 

Traders attributed the decline in gold prices after the government slashed customs duties on a range of products, including gold and silver, to cut input costs, increase value addition, promote export competitiveness, and boost domestic manufacturing.

If we talk about silver, it declined by Rs 6,900 in the past five sessions since July 18, when it had fallen by Rs 400 to end at Rs 94,000 per kg.

On the Multi Commodity Exchange (MCX), gold futures plunged Rs 3,860 or 5.31 percent to trade at Rs 68,858 per 10 grams.

This move has led to a sharp decline in the prices of Gold and Silver due to which people are wondering if the metals rates would witness more price reductions. 

(For more news apart from Union budget 2024, Gold and silver prices in India, stay tuned to Rozana Spokesman)