<p>New Delhi: The volatility in gold prices is due to global uncertainties and investors’ lack of confidence in major currencies, Union Finance Minister Nirmala Sitharaman said on Monday.</p>.<p>“It shows that investors don’t have confidence in any particular currency,” Sitharaman said at a post-Budget interaction with journalists.</p>.<p>Aggressive buying by several central banks has also added to the surge in the price of gold and silver, she said.</p>.Government allocates Rs 67,300 crore for Jal Jeevan Mission in Budget for next fiscal.<p>Central banks of many countries including China, Russia and Brazil have significantly increased their gold reserves amid growing geopolitical tensions.</p>.<p>US President Donald Trump’s rift with the Federal Reserve impacted investors’ confidence in the American dollar, forcing them to look for safe-haven instruments.</p>.<p>Gold price rose to a record high of $5,595.47 an ounce last week, while silver reached an all-time peak above $120 an ounce in the global market. On the Multi-Commodity Exchange (MCX), gold crossed past Rs 1.8 lakh per 10 gram, while silver set a new record of Rs 4 lakh per kg on Thursday.</p>.<p>However, gold and silver prices have declined sharply in the past couple of days after Trump named former Fed official Kevin Warsh to replace Jerome Powell as chair of the US central bank.</p>.<p>When asked about the impact of US tariffs on customs reform announced in the Union Budget, Sitharaman said Budget decisions have not been impacted by the US tariff or any other global developments.</p>.<p>“Since last year, I have been openly saying that customs reform is the next one. As a continuation of that, this has happened,” she added.</p>.<p>On the Budgetary proposal to increase the Security Transaction Tax (STT), the finance minister said the decision has been taken to discourage people from highly-speculative trading in derivatives.</p>.<p>In the Union Budget 2026-27 presented on Sunday, Sitharaman proposed to increase STT on futures trading from the current 0.02% to 0.05% and tax on options trading is proposed to be increased from 0.1% to 0.15%.</p>.<p>This led to a sharp decline in the stock markets with Sensex and Nifty 50 slumping by around 2%. However, the markets recovered partly on Monday.</p>.<p>Sitharaman ruled out any possibility of rolling back the increase in STT.</p>.<p>The FM also informed that the Insolvency and Bankruptcy Code Amendment Bill will be introduced in Parliament in the second half of the Budget session beginning March 9.</p>.<p>The IBC Amendment Bill was introduced in Lok Sabha in August last year. However, it was thereafter referred to a select committee.</p>
<p>New Delhi: The volatility in gold prices is due to global uncertainties and investors’ lack of confidence in major currencies, Union Finance Minister Nirmala Sitharaman said on Monday.</p>.<p>“It shows that investors don’t have confidence in any particular currency,” Sitharaman said at a post-Budget interaction with journalists.</p>.<p>Aggressive buying by several central banks has also added to the surge in the price of gold and silver, she said.</p>.Government allocates Rs 67,300 crore for Jal Jeevan Mission in Budget for next fiscal.<p>Central banks of many countries including China, Russia and Brazil have significantly increased their gold reserves amid growing geopolitical tensions.</p>.<p>US President Donald Trump’s rift with the Federal Reserve impacted investors’ confidence in the American dollar, forcing them to look for safe-haven instruments.</p>.<p>Gold price rose to a record high of $5,595.47 an ounce last week, while silver reached an all-time peak above $120 an ounce in the global market. On the Multi-Commodity Exchange (MCX), gold crossed past Rs 1.8 lakh per 10 gram, while silver set a new record of Rs 4 lakh per kg on Thursday.</p>.<p>However, gold and silver prices have declined sharply in the past couple of days after Trump named former Fed official Kevin Warsh to replace Jerome Powell as chair of the US central bank.</p>.<p>When asked about the impact of US tariffs on customs reform announced in the Union Budget, Sitharaman said Budget decisions have not been impacted by the US tariff or any other global developments.</p>.<p>“Since last year, I have been openly saying that customs reform is the next one. As a continuation of that, this has happened,” she added.</p>.<p>On the Budgetary proposal to increase the Security Transaction Tax (STT), the finance minister said the decision has been taken to discourage people from highly-speculative trading in derivatives.</p>.<p>In the Union Budget 2026-27 presented on Sunday, Sitharaman proposed to increase STT on futures trading from the current 0.02% to 0.05% and tax on options trading is proposed to be increased from 0.1% to 0.15%.</p>.<p>This led to a sharp decline in the stock markets with Sensex and Nifty 50 slumping by around 2%. However, the markets recovered partly on Monday.</p>.<p>Sitharaman ruled out any possibility of rolling back the increase in STT.</p>.<p>The FM also informed that the Insolvency and Bankruptcy Code Amendment Bill will be introduced in Parliament in the second half of the Budget session beginning March 9.</p>.<p>The IBC Amendment Bill was introduced in Lok Sabha in August last year. However, it was thereafter referred to a select committee.</p>