Gold Sliver Price in India: There has been a fall in the prices of gold and silver in the Indian markets on Monday.
Due to weak global cues, there has been a softening in the price of gold and silver on the first trading day of the week . On the Multi Commodity Exchange (MCX), the price of June futures gold ( 24 Carat Gold Price ) has broken 0.23 percent per 10 grams.
On the other hand, the price of July futures silver has fallen by 0.41 per cent per kg. Gold is under pressure after reaching the level of Rs 56,000 in March. Gold weakened on the back of a strengthening US dollar and a rise in US bond yields.
The dollar index has reached a two-decade high. This has reduced the demand for bullion as compared to other currency holders. Apart from this, US Treasury yields are also close to three-year high.
This has also had an effect on gold. Spot gold fell 0.6 per cent to $1,871.96 an ounce today. The US dollar has strengthened on concerns of slowing global economic growth and increasing interest rates.
Gold futures in June fell by Rs 120 to Rs 51,223 per 10 grams on the Multi Commodity Exchange (MCX) . While July futures silver fell by Rs 259 to Rs 62,289 per kg.
Source: Goods Return
Silver prices fell 0.5 percent to $ 22.24 an ounce in the spot market. However, gold declined amid rising concerns over China, inflation concerns and rising Russia-Ukraine tensions. Gold has fallen sharply in the last few days, but now we can see some strength with mixed factors.
tax on sale of gold
The holding period of 3 years in gold comes under short term. If invested for more than 3 years, it comes under Long Term Capital Gain. Short term gain i.e., capital gain is added to your income if you sell gold within 3 years of purchase. You are taxed according to the tax slab you fall in.
If sold after three years, the capital gain comes under long term and is taxed at 20 per cent. Indexation benefit is also available on long term capital gains. Tax exemption on long term capital gains has been given in certain cases. This exemption is given under section 54F of the Income Tax Act.
