Day after Budget, gold price tanks by Rs 480 per sovereign, gram costs Rs 6,490 in Chennai on July 24
The yellow metal is being sold at Rs 51,920 per sovereign in the city today, marking a price drop of Rs 480 from yesterday's rate of Rs 52,400.
Gold Jewellery displayed in a showroom in Chennai
CHENNAI: A day after the Union Budget was presented, the price of gold fell further.
Finance Minister Nirmala Sitharaman had on Tuesday announced to cut import duty on gold and silver to 6 per cent from 15 per cent. The move was welcomed by sellers as it will make the precious metals cheaper in India.
The yellow metal is being sold at Rs 51,920 per sovereign in the city today, marking a price drop of Rs 480 from yesterday's rate of Rs 52,400.
The price per gram of gold saw a dip of Rs 60 and is being sold at Rs 6,490 today.
On the other hand, the price of silver too has decreased by Rs 0.50 paise and is being sold at Rs 92 per gram today.
On Monday, the rate of gold in the Chennai jewellery market was Rs 54,600 per sovereign and Rs 6,825 per gram.
On the day of the Budget, the price of gold per sovereign had fallen by Rs 2,200. By Tuesday noon, the gold rate fell to Rs 52,400 per sovereign and Rs 6,550 per gram.
The rate of silver was Rs 95.60 per gram on Monday which came down to Rs 92.50 on Tuesday.
