As the budget session kicks off today, anticipation runs high, not just for economic policies but also for gold’s future. Finance Minister Nirmala Sitharaman will present the Economic Survey Report in Parliament at 2 PM, setting the stage for the Union Budget on February 1. Gold prices have already crossed ₹82,000 per 10 grams as market whispers grow louder about an impending duty increase. Just last year, in the July 2024 budget, the government slashed import duty from 15% to 6%, leading to a sharp drop in prices and boosting imports. However, recent months have seen a consistent surge in gold and silver rates, prompting speculation that the Finance Minister may reverse course. If import duty rises, gold will become more expensive, impacting both consumers and the jewellery industry. Moreover, higher duties might fuel illegal gold smuggling, creating a parallel market that could disrupt the industry. With gold’s fate hanging in the balance, all eyes are on the Union Budget. Will the Finance Minister ease concerns or make the yellow metal even more precious? The answer arrives on February 1.
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