Gold touched a new all-time high of Rs 59250 per 10gm on the Multi Commodity Index (MCX) index in India on 8th February 2023
The stock markets have been witnessing a slip in the last few days as Finance Minister Nirmala Sitharaman announced the Union Budget.
Adani shares witnessed a sell-off after the Hindenburg report with the price of Adani Enterprises falling by 60.02% and Adani Ports down by 40.41% from 5 January 2023. The last two days have led to some recovery in the shares though.
Market expert Sugandha Sachdeva said, “Budget 2023 has proposed to increase duty on silver Dore, bars, and articles to bring it at par with gold and platinum Dore and bars. Import duty on silver has been raised from 7.5% to 10%”, to Live Mint.
“Separately, capital gains tax has been exempted for conversion of physical gold into EGR, a further step towards boosting financialization of gold", stated the expert.
Gold prices have been on a steady increase amid the weakening dollar and the U.S. Fed increasing interest rates.
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