CHENNAI: Gold prices continue to see a dip, two days after the Union Budget was presented.
Finance Minister Nirmala Sitharaman had on Tuesday announced to cut import duty on gold and silver to 6 per cent from 15 per cent. The move was welcomed by sellers as it will make the precious metals cheaper in India.
The yellow metal is being sold at Rs 51,440 per sovereign in the city today, marking a price drop of Rs 480 from yesterday's rate of Rs 51,920.
Yesterday too, there was a Rs 480 price drop when compared to the rate of gold per sovereign on Budget Day, which was Rs 52,400. There was a price difference of Rs 2,200 from Monday's rate of Rs 54,600.
The price per gram of gold saw a dip of Rs 60 today. Yesterday, 1 gram of gold was sold at Rs 6,825. It has decreased to Rs 6,430 today.
On the other hand, per kilogram silver costs around Rs. 89,000 today, a drop of Rs 3,000.
The rate of silver per gram meanwhile decreased by Rs 3 from yesterday's rate and is being sold at Rs 89 per gram today.