The gold rate today experienced significant selling pressure following the Union Budget 2024.

The gold price on the Multi Commodity Exchange (MCX) opened with an upside gap at **₹72,838 per 10 gm**.

However, the precious yellow metal came under massive selling pressure after Finance Minister Nirmala Sitharaman announced the reduction of customs duty on gold and silver from **15 percent to 6 percent**.

Following this announcement, gold prices fell sharply, and the MCX gold rate touched an intraday low of **₹68,500 per 10 gm**, recording an intraday loss of **₹4,218** during Tuesday's trading session.

However, the precious yellow metal saw value buying and recovered some of its lost ground on the Budget 2024 date.

According to commodity experts, the fall in gold rates today can be seen as the market's adjustment to the new duty structure.

They mentioned that the gold rate today has crucial support placed at **₹68,000 per 10 gm** and provides good buying opportunities at these levels.

Once a trend is reversed after a price adjustment due to a customs duty cut, gold prices may see an upward movement as the current fall seems temporary.

Connecting the gold price crash with Budget 2024, Sugandha Sachdeva, Founder of SS Wealth Street, said, 'As an immediate impact, the announcement has led to a sharp corrective move in the prices of gold and silver, reflecting market adjustments to the new duty structure.

Further, in the short term, we may witness additional downside in gold and silver prices as the market fully absorbs the impact of the duty reduction.

Investors might initially react with caution due to the immediate price volatility.

However, the overall sentiment could stabilize as the longer-term benefits become more apparent.

'Expecting a bounce back from the lows, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, 'The reason for the crash in gold price can be attributed to the reduction in basic customs duty (BCD) on gold and silver.

So, the dip is temporary, and global triggers like the US Fed rate cut buzz, sliding US dollar rates, etc.

, will soon start playing their role.

So, the falling gold prices can be a good opportunity for bottom fishing, but in bits.

One should maintain a buy-on-dips strategy till MCX gold is sustaining above **₹67,800 per 10 gm** mark.

' He mentioned that the spot gold price is still in the **$2,400 to $2,450 per ounce** range, and a bullish or bearish trend can be assumed on the breakage of either side of the range.

On today's MCX gold rate outlook, Sugandha Sachdeva of SS Wealth Street said, 'Gold and silver remain in a structural uptrend, yet some near-term correction is highly likely, which could present buying opportunities at lower levels.

We foresee near-term support for gold at **₹68,000 per 10 gm**.

For silver, we anticipate support at **₹82,000 to ₹80,000 per 10 gm**.

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