Gold and Silver Prices in Focus as Budget 2026 Signals Possible Duty Reduction

Union Budget 2026: If you're thinking of buying gold and silver, the February 1, 2026 budget could bring big news. There's talk that the government might cut customs duty on gold and silver. If that happens, jewelry prices will drop quite a bit.

What are today's gold and silver prices?

On Jan 31, 2026, 24-carat gold is ₹150,970/10g & silver is ₹292,810/kg. Since 2025, gold is up 75% & silver 167%. A budget decision could offer relief.

How much cheaper after the budget?

Gold has a 6% import duty & 3% GST. A potential customs duty cut to 4% could make gold & silver cheaper by about ₹3,000/10g & ₹6,000/kg respectively.

Why might the government cut duty on gold?

The main reason is to curb gold smuggling. A tax cut would reduce the price gap, lower jewelry costs, and boost Indian jewelry exports.

What's the benefit of a duty cut on silver?

Silver isn't just for jewelry. It's heavily used in sectors like EVs and solar panels. If duty is reduced, manufacturing will be cheaper, boosting the green energy sector.

Is it wise to buy gold/silver after the budget?

Experts advise against bulk buying before the budget. Prices are high and could fluctuate. Avoid lump-sum investments; investing in small amounts is smarter. Buy when prices dip.