By Naysa Shrivastava
On Saturday, 1 February, gold prices climbed post-budget as people will have more money to spend after tax relaxation. Investors are monitoring policy shifts and inflation for upcoming changes. Finance Minister Nirmala Sitharaman’s statement of income tax dispensation for population earning up to 12 lakhs has increased the amount of disposable income. Gold, a go-to safety net in uncertain times, witnessed a surge in demand on the Multi Commodity Exchange the price increased past Rs.84,900 per 10 grams.
According to PTI, the contract moderated gains, trading Rs.1,127 0r 1.35% higher at Rs.82,233 per 10 gram, with open interest totaling 16,273 lots open. However, silver rates increased by Rs.2,700 to Rs.95,700per kg from 93,000 per kg on January 29. The previous close price for silver was Rs.93,000 per kg. The white metal had closed 2.9% at Rs. 95,000 per kg.
On the Multi Commodity Exchange, gold contracted for February delivery edged down Rs.5 to Rs 81,883 per 10 grams. Despite this, prices surged Rs 612(0.75) to touch a new high of 82,500 per 10 grams. Silver pieces for march delivery dipped to 38 or 0.04% to Rs.93,290 per kg. On 31 January, comex gold futures increased to USD 2,862 per ounce but afterwards the gains got cut and closed at USD 2, 835 per ounce.
MP Ahmmed, chairman of Malabar Group said, “ The Budget 2025 is proof that the government’s focal point is to revitalise consumption, strengthen the manufacturing sector, and invest in job creation. The budget majorly focused on giving fiscal impulse to increase consumption.” He further added that when it comes to the retail and jewellery sector, a boost in consumption is directly proportional to the increase in demand, generating employment and promising growth in expansion.