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Will the Union Budget 2024 impact gold prices in India’s domestic market?
Updated On: 20 July, 2024 12:05 PM IST | Mumbai | Sanjana Deshpande
Since the Union Budget 2024 announcement, buyers, jewellers, and bullion traders have anticipated relief from taxes and duties that could affect gold prices.
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Buying gold is a long-standing cultural practice in India passed down through generations. People buy gold during festivals like Diwali and Akshaya Tritiya since buying gold is associated with the arrival of fortune and prosperity. Many families view gold as a safe way to save money because its value tends to improve over time. Thus, gold continues to retain a special place in many Indians` hearts and homes. It is also viewed as a good investment apart from bearing significant cultural importance.
When it comes to investing in gold, people in India have various options. Jewellers and banks sell actual gold in the form of jewellery, coins, or bars. Another option is to invest in Gold Exchange-Traded Funds (ETFs), which are traded on the stock exchange and represent gold electronically. Sovereign Gold Bonds (SGBs) are also popular, as they are issued by the government and pay interest in addition to the value of gold. Digital gold is a new option that allows investors to acquire gold online via numerous apps and platforms. Each method has distinct advantages and disadvantages in terms of safety, cost, and convenience.
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