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Published on 1/02/2021 4:53:38 PM | Source: Angel Broking Ltd

Budget Quote on Gold and Silver By Anuj Gupta, Angel Broking

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Below are Views On Budget Quote on Gold and Silver By Mr. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd   
 
As demanded by the bullion industry, The custom duty on Gold and silver has rationalized and cut down from 12.5% to 7.5%. However it also attracts Agriculture infrastructure and development cess at the rate of 2.5% and Social welfare surcharge rate if 10% for all goods. Now the total tax on gold and silver including GST would be around 13.75%. Earlier it was around 15.50%. Due to this cut in rates we saw gold prices corrected by more than 2% in today trading session and made a low of 47.201 levels.

 

However Global reason are still intact in gold like increasing corona virus cases, lower interest rates by Federal bank and lower US Dollar. These reason may curb the sharp correction in gold and silver prices. We are expecting that gold and silver prices may go upside further due to global reasons. So traders can find opportunity on lower levels to buy gold and silver. In a short term we are expecting that gold may test $1900 per oz levels and silver may test $30 per oz levels.

 

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