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.

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.

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.

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

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.

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.