00:00In India, the favorite metal to make and invest jewelry is gold, but for now, its prices are
00:11constantly at a high level.
00:13After a few soft days, prices have started to rise again and have now reached the high
00:19level of a month.
00:20The demand for gold is impacting at an expensive level because people are avoiding their decision
00:26to buy gold.
00:27In the meantime, gold prices are expected to ease with the budget.
00:31Let's find out what is expected in the budget in this video.
00:36So if we talk about this week, this week gold has become almost 2% expensive in the international
00:42market.
00:43On Friday, the spot gold was closed at $ 2411 per ounce, which is its highest level in a
00:48month.
00:49This trend remained in the domestic market as well and on Friday, the gold contract of
00:54the gold contract was closed at Rs. 73,285 per 10 grams, which was at Rs. 63,870 at the
01:00beginning of the year.
01:01It has now exceeded Rs. 73,000, i.e. according to just one year, gold is now about 15% expensive.
01:07Its direct effect is now visible on demand as well.
01:10According to some media reports, gold demand in the country has fallen by 15% on an annual
01:16basis in the April-June quarter.
01:17In the meantime, the jewellery industry has put a demand in front of the budget because
01:24the jewellery industry is very upset that the demand for gold in the market is broken
01:30and is asking the government to intervene in the budget.
01:33The demand for gold in the jewellery industry is that gold should be sold at a lower price
01:38than the market price.
01:39The demand for gold in the market is that gold should be sold at a lower price than
01:44the market price.
01:45The demand for gold in the jewellery industry is that the government should reduce the import
01:50duty from 15% to 10% on gold, while some people in the industry are also asking to reduce
01:56the duty to 4%.
01:57In a report, it has been demanded to reduce the import duty from 15% to 4% on gold in
02:03reference to GJEPC.
02:04Now, if the government accepts this demand of the industry in the budget which is being
02:11announced on July 23, then there is hope that the demand will increase.
02:16The direct effect of reducing custom duty will affect the prices of gold in the domestic
02:22market and it will be cheaper to buy gold.
02:25In this way, after the budget, people will also get a golden opportunity to buy gold.
02:30Finance Minister Nirmala Sitharaman is going to present a full budget for the financial
02:36sector.
02:37After the budget is presented, the import duty can be reduced, which will reduce the
02:41prices of gold in the domestic market.
02:43Do you think this demand is correct and what should the government do about it?
02:47Do tell us by commenting.
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