Gold Prices are down in India after Budget

Hello and Namaste Everyone

Gold is a precious metal and since the last few months, its price has been increasing continuously. Now there is good news for people in India as the gold prices have come down after the Union budget. This price reduction is good for the people who are regular buyers of the gold or the people who want to buy gold this time. I'm a big-time fan of gold and every year by the gold at least 2 to 3 times. I buy gold jewellery basically at some festivals like Karwa Chauth or any other festival. For me, some festivals are incomplete without new gold jewellery and this is why I buy gold to enjoy the celebration with new jewellery and it is part of my emotional investment. I call it emotional investment because I just invest the money and never sell it so my money is blocked I know this but still I am happy that I am investing in gold.

The reason why prices for gold and silver have come down in the domestic market in India as the finance minister has cut down the import duty on both metals. The government has reduced it from 15% to 6% and because of this 9% of the gap, the prices have come down. I think it is a good move by the government as they are trying to encourage people to invest more in gold by reducing the import duty but certainly, many other asset classes also should be considered by the government. I'm not denying the fact that it is good for the people who are investing in precious metals and since I am more on the gold buying I am happy and maybe I will be buying some in the next few months.

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I have invested a good amount in gold already and every year I invest some part of my savings in gold. I have also invested quite a good amount in cryptocurrencies because now I have stopped investing in regular banking products like fixed deposits etc. When I was not in the crypto at that time bank deposits were a very good product for me but not anymore because I don't want to block my money just for the interest rate which is not even 7%. I think that even gold returns are better than this and this is the reason why I'm no longer interested in investing in banking products but Crypto and gold both are my preferred investing instruments.

As far as gold is concerned it is something that I am always ready to invest in depending upon how much funds I have. I don't care if the price has not grown because as I already mentioned I invest in gold jewellery and it is part of my emotional listing and despite knowing this I'm happy. I hope that this low price continues for the next few months till the time I plan my next buying of gold. This year Diwali Festival is going to happen in the first week of November so I'm planning to invest some money in October month which is slightly more than two months from now.

In India women are always fond of gold jewellery and I'm not an exception so I also follow the same trend. I understand that demand for gold is quite high in many other countries as well because apart from jewellery this is a precious metal that is good to hold for the long term and maybe returns cannot be as high as Crypto but surely it is a better option than bank deposits. What are your thoughts about it?

Thank you so much
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