Know the price of gold and silver: Gold prices rose above $2,400 an ounce to hit an all-time high on Friday. Much of the rise in gold since mid-2022 has been driven by new additional physical factors. There are still possibilities of price increase.
After February, the price of gold is continuously increasing. Due to the current global situation, there are no signs of gold prices going down. Goldman Sachs says that gold prices will rise to $2,700 per ounce this year. The firm said in a note to its clients this week that gold prices have risen by 20 percent in the past two months.
Gold prices have been falling continuously for three days. According to different cities, the prices decreased from 3 thousand to 5 thousand per 10 grams. The reason is the same, the central government reduced the import duty on gold by 9 percent. From 15 percent to 6 percent. Due to this, the prices of 24 and 22 carat gold fell. The price of 24 carat biscuit 10 gm which had reached around 75 thousand has come down below 70 thousand.
Know the price of gold and silver
According to Goldman Sachs, the traditional fair value of gold will combine the general real rate, growth prospects, dollar flows and price. None of the traditional factors are adequately defining gold’s move and scale so far this year. A new incremental factor is driving gold prices from mid-2022. Apart from this, Fed tapering remains a potential catalyst to soften gold prices in terms of ETFs later in the year, the note added.
Notably, traders are also worried about the way gold prices are continuing to rise, as it has a direct impact on demand, as people are believed to be holding back on purchases even as the wedding season approaches. . However, on the other hand the prospect of a rise in gold prices is still worrying those who need to buy.
Both gold prices and global conditions are related to each other, so if the conditions in the countries of the Middle East are reversed, it will have a direct impact on the gold prices. On the other hand, the possibility of impact of gold price on silver is also being seen.
If the government increases GST on gold, the number of buyers of gold in cash will increase
Currently, people buying gold with ‘white’ money pay 3% GST on the total bill. Now if a decision is taken to increase the GST on gold in the meeting of the GST Council next month, there will be a definite impact on the purchase of gold. People will think of buying gold with bills and people who have black money will buy gold. In fact, the increase in GST will reduce the purchase of gold. This is the reality. It doesn’t matter if the government keeps the GST on gold unchanged, then the question is, if the government’s game plan is not to increase the GST, how will the government cover the loss of 9 percent duty from gold?
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