Gold Prices Today Hit Fresh Record High. What’s Driving The Rally?

"On the reason for rise in gold and silver prices on MCX, market expert Sugandha Sachdeva said," Budget 2023 has proposed to increase duty on silver dore, bars, and articles to bring it at par with gold and platinum dore and bars. Import duty on silver has been raised from 7.5% to 10%, along with 5% agriculture and infrastructure cess, implying a net duty of 15%. The social welfare surcharge has however been removed. Besides, duty on silver dore has been increased from 6% to 10%, implying a total duty of 14.35%. Overall precious metal imported jewellery and articles (gold/silver/platinum) now attract an import duty of 25% as against 20% previously. Separately, capital gains tax has been exempted for conversion of physical gold in to EGR, a further step towards boosting financialisation of gold."