26/7/2024, 10:02:02 am

The Black Day for Gold: How Rs 10 lakh crore wealth got destroyed

Finance Minister Nirmala Sitharaman's announcement to cut gold customs duty from 10% to 6% in the Union Budget 2024 led to a 5% drop in gold prices, wiping off over Rs 10.7 lakh crore in value in a single day. This move caused the sixth largest wealth erosion recorded, primarily impacting Indian households, which own around 11% of the world's gold.