Business Standard

Gold, Silver to get cheaper as FM announces customs duty cut in Budget

Gold futures fell more than 3% following the surprise announcement in the annual budget by Sitharaman

gold silver

Reuters MUMBAI

India slashed the import duties on gold and silver to 7.5% from 12.5%, Finance Minister Nirmala Sitharaman said on Monday, as the world's second biggest gold consumer tries to bring down smuggling of the precious metal.

Gold futures fell more than 3% following the surprise announcement in the annual budget by Sitharaman.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 01 2021 | 2:11 PM IST

Explore News