Gold prices caused damage
India is also known as the ‘Golden Bird’. The reason for this is that gold plays an important role in the lifestyle of Indians as well as their investment plans. The guarantee of the security of the entire life of crores of mothers and sisters of this country, that is, their Stridhan is also gold. But this time in the budget, the government reduced the customs duty rates on gold and the price of gold fell in one stroke. Due to this, the value of savings of the common people of the country has fallen by more than Rs 10 lakh crore.
India is still one of the world’s largest consumers of gold. Gold is not produced in India and almost its entire trade is dependent on import. Now in the budget, the government has reduced the customs duty on this import from 15 percent to 6 percent. After this, the prices of gold have come down rapidly.
Gold price before and after budget
Finance Minister Nirmala Sitharaman presented the general budget on 23 July. Just a day before this, the price of gold was Rs 72,875 per 10 grams. Whereas after the budget was presented, its price reached Rs 69,270 per 10 grams on 23 July. If we compare it with the stock market, then investors have suffered a loss of more than Rs 10 lakh crore due to the fall in gold prices in a single day.
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Mothers and sisters suffered the most
Now let us assess this fall in the price of gold in terms of the loss suffered by mothers and sisters. In India, people, especially middle class families, invest more in gold than in the stock market. The mothers and sisters of the country have so much gold reserves in the name of household savings in India that even the Reserve Bank of India does not have.
Not only this, this gold reserve is one of the largest gold reserves in the world. According to a report by Moneycontrol, about 11 percent of the world’s total gold is with the mothers, sisters and families of India alone as savings. This is more than the total gold held by America, Germany, Switzerland and the IMF.
Let us assume that the total gold reserves with the mothers and sisters of India are 30,000 tonnes. Now, according to its price on 22nd July, the total value of this gold on that day is Rs 218 lakh crore. Whereas after the price fell on 23rd July, the value of this much gold remained Rs 207 lakh crore. This directly shows a loss of Rs 10 lakh crore in the value of gold.
