The price of precious metals is continuously fluctuating, and its primary aspect is time. Gold prices made a substantial drop last week, grabbing the attention of gold investors and jewellery enthusiasts. The government reducing import taxes on gold and silver to a sleek 6% in the Union Budget brought exciting news for the domestic market.

The precious yellow metal became more affordable to import. The market update was like an invitation for investors willing to diversify their portfolio by buying gold through a digital platform.

A Closer Look at the Golden Opportunity

Last week, spot gold prices dropped to a two-weeks low of $2353 per oz. The strong GDP and jobless data from the US put downward pressure on the metal. The sharp drop in crude oil prices also impacted its demand.

On the domestic front, the government lowered the custom duty on gold to 6% in the Union Budget 2024. Though it primarily helped in making imports cheaper, the move is expected to boost retail demand and lower smuggling of the precious metals in our country. MCX gold price dropped sharply by 6.6% and touched a 4-months low of ₹67400 per 10 gm.

Make the Most of the Low Gold Prices by Buying Digitally

The demand for gold bought digitally has enhanced in today’s digital age as it is more convenient and easier. You can grab the opportunity and buy gold from the comfort of your home every time gold prices drop.

If your focus is on transparency and trust, choose a reputable online platform like myDigiGold. We have eased the process of buying gold digitally. You can also redeem the purchased gold online at your convenience by visiting sencogoldanddiamonds.com or at any of our 150+ Senco showrooms.

Disclaimer: The data provided on this blog is for general informational purposes only. It is based on our research and understanding, and we cannot guarantee its accuracy or reliability.