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Gold Silver: Turmoil in Bullion Market on Oct 7? How Much More Expensive Will Gold Get?
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News18•05-10-2026, 09:48
Gold Silver: Turmoil in Bullion Market on Oct 7? How Much More Expensive Will Gold Get?
- •Gold and silver prices have seen significant fluctuations recently, with gold falling by Rs 3500 and silver by Rs 5000 per kg.
- •Despite expectations of cheaper gold during the festive season, a decision is likely to increase gold prices.
- •A major decision regarding the gold and silver market is expected before the festive season, directly impacting prices.
- •The GST Council is considering canceling GST exemption on gold and silver imports, making imports more expensive and increasing retail prices.
- •The GST Council meeting on October 7 will discuss withdrawing IGST exemption on gold, silver, and platinum imports by banks and authorized agencies.
Key Questions Answered
The GST Council is considering withdrawing the integrated GST (IGST) exemption currently applied to the import of gold, silver, and platinum by banks and authorized agencies, which would make imports more expensive in the domestic market and increase retail prices.
The tax exemption on the import of precious metals was given to banks and authorized agencies back in 2017 in order to facilitate trade.
Large-scale import of gold and silver causes a massive outflow of foreign exchange, which puts heavy pressure on India's foreign exchange reserves and prompted concerns from leaders like Prime Minister Narendra Modi.
