00:00The price of gold has been increasing for the past two weeks.
00:08Today, on 22nd January, we have seen an increase in the prices of gold and silver.
00:13Gold is now above Rs 80,000 per 10 grams, while silver is more than Rs 91,000 per kilo.
00:20According to the information, the price of gold can continue to increase.
00:25On the other hand, the union budget will be presented on 1st February.
00:28It is believed that after this, the price of gold can increase even more.
00:32According to the reports, it is being argued that the government can increase the custom duty on gold in the budget presented on 1st February.
00:41If this happens, the price of gold will become more expensive.
00:45This will increase the price of gold even more.
00:47Last year, the custom duty was reduced from 15% to 6%.
00:53After this, the price of gold fell a lot.
00:57In the last budget, the government reduced the custom duty on gold to ensure constant inflation.
01:06However, the worry of inflation has increased, which can increase the trade deficit.
01:11In this case, it is believed that the government can announce the increase of the custom duty on gold in the budget to stop this deficit.
01:21If the government increases the custom duty on gold, then gold will become more expensive.
01:27In this case, it is believed that it is the right time to buy gold before February.
01:32However, if the custom duty is not increased, then the prices of gold will probably increase a lot.
01:39The current rate of custom duty on gold is 3%.
01:42This means that if you are buying gold worth Rs. 10,000, then you will have to pay Rs. 300 custom duty on it.
01:48James and the jewellery industry are asking for a reduction in the rates of custom duty on gold in the budget of 2025.
01:57The industry says that the current 3% custom duty is a big burden, which has a bad effect on competition.
02:05This also reduces the opportunity for employment.
02:08In the coming budget, the jewellery industry is demanding a reduction of custom duty on gold from 3% to 1%.
02:16It is said that this will give a lot of relief to the industry and customers.
02:21The industry argues that the price of gold is constantly increasing.
02:25In this case, having more custom duty on it is a big burden on the industry as well as the customers.
02:31This is also affecting the purchase and sale of gold.
02:35If Finance Minister Nirmala Sitharaman reduces the custom duty on gold in the budget of 2025-2026,
02:41then this will reduce the price of jewellery.
02:44The industry hopes that this decision will increase the sale of gold, especially in rural areas.
02:50The industry is trying to implement custom duty on lab-grown diamonds.
02:55Currently, natural and lab-grown diamonds both have equal custom duty rates.
03:02The budget will be presented on 1 February and on that day, the decision will be made
03:07whether gold prices will increase or fall after the budget.
03:12What is your opinion on this news?
03:14Give us your opinion in the comment box and keep watching Good Returns for such updates.
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