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MCX Gold Recovers to Rs 69,000 Following 5% Plunge
24-Jul-2024, 03:23
MCX gold prices made recovery today, bouncing back to Rs 69,000 after plummeting to Rs 68,500 yesterday. This sharp dip, over 5%, came in the wake of Finance Minister Nirmala Sitharaman's announcement of a significant import duty cut on gold and silver from 15% to 6%, and on platinum from 15.4% to 6.4%. The reduced duties are expected to boost gold imports, which reached Rs 3.77 lakh crore in FY2023-24. Meanwhile, COMEX gold futures rose for the second straight session, trading at $2,413 per ounce. Traders are now eyeing key economic data, with the advance reading of second-quarter GDP due on Thursday and the PCE price index report for June on Friday.
MCX gold prices made recovery today, bouncing back to Rs 69,000 after plummeting to Rs 68,500 yesterday. This sharp dip, over 5%, came in the wake of Finance Minister Nirmala Sitharaman's announcement of a significant import duty cut on gold and silver from 15% to 6%, and on platinum from 15.4% to 6.4%. The reduced duties are expected to boost gold imports, which reached Rs 3.77 lakh crore in FY2023-24. Meanwhile, COMEX gold futures rose for the second straight session, trading at $2,413 per ounce. Traders are now eyeing key economic data, with the advance reading of second-quarter GDP due on Thursday and the PCE price index report for June on Friday.
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