It’s Happening: Hiked Tax On Gold, Prices Shoot Up!

It is already known that Indian Prime Minister Narendra Modi had recently communicated that the citizens must refrain from purchasing Gold for the next year in order to beat the global inflation. And now something pretty significant has happened.

The government of India has increased the import duty on Gold and other precious metals which has resulted in a sharp increase in prices in the country.

According to the latest developments pertaining to the precious metals, market in India, something very interesting is being established now. Precious metals see bumper spike after duty hike on gold jumps ₹ 9,231 to ₹1.63 lakh/10gm.

At the same time, silver surges ₹16,700 to ₹2,96 lakh/Kg. Along with that, the government of India has raised gold and silver duty to 15%. On the other hand, we have the case of Indian Rupee which opened marginally higher at 95.60/$.

After an absolute bloodbath that happened in the Indian stock market was the last couple of days were over ₹11,00,000 crore was vanished, today started reasonably well which is a good thing.

But the prices of gold and silver have been largely high across the Indian market due to the import duty that was imposed by the Indian authorities, and this could be the case in the near future as well.

As instructed by Prime Minister Modi, the people across the country have become sceptical about purchasing Gold in the near future and it has to be seen where this would eventually end up in the future.