Gold prices fall post union budget announcements

04:24 PM Jul 24, 2024 | Afternoon News

old prices fell for the second consecutive day on July 24, following the announcement of a reduction in import duty on gold in the Union Budget. 
In Chennai, the price of 22-carat ornamental gold dropped by Rs. 60 per gram, selling at Rs. 6,490 per gram. 
Consequently, a sovereign of gold is priced at Rs. 51,920, down by Rs. 480 per sovereign. 
Silver prices also declined, dropping by 50 paise per gram to Rs. 92 per gram, with the price per kilo bar now at Rs. 92,000.
This trend began the previous day when, immediately after the budget announcement, gold prices fell by Rs. 275 to Rs. 6,550 per gram and by Rs. 2,200 to Rs. 52,400 per sovereign. The continuing decrease in gold prices has been welcomed by traders and the middle class. 
Traders predict that this downward trend may persist for a considerable period.