Gold and silver prices reached new highs in India due to global market trends. As reported by PTI, the price of 99.9% pure gold hit ₹90,750 per 10gm, rising by ₹1,300 to set a new record on Monday. This surge prompts holders of old gold jewelry to contemplate selling for potential profits. Consider this opportunity wisely.
Selling jewelry acquired at lower prices years ago now could result in a significant gain. This profit could be used for diverse purposes, like reinvesting, meeting financial needs, or securing a return on idle assets. Capitalizing on this price peak can be a smart financial decision for those who see gold as a store of value over an emotional heirloom.
Consider potential capital gains taxes on profits from selling old gold jewelry under new rules. If held over two years, it may classify as LTCG and be subject to a 12.5% tax without indexation perks. Be aware of these tax implications and evaluate if the sale is worth it based on remaining gains post-tax.
The future price of gold is closely tied to the global economic climate, especially in relation to factors like US inflation, employment, and economic growth. These US indicators will shape the Federal Reserve’s decisions; continuous inflation may lead to higher interest rates and lower gold prices. On the other hand, economic downturns or geopolitical tensions could boost gold prices further.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
Leave a Reply