COMEX Gold hovers around $2400 per ounce after meltdown on Friday

Published on Jul 22, 2024 14:27

COMEX Gold futures sank in last session, dipping more than 2% to test one and half week low. The metal fell in tune with the risky assets and a hammering in the broad metals space pushed it towards $2400 per ounce before some stability emerged. The counter currently quotes at $2405 per ounce, up marginally on the day as the global Gold market is waiting for the Union Budget of India tomorrow. The domestic bullion industry is proposing a cut in the import duty on Gold Bars (HS code 7108) from 15% to 4% following the recent surge in prices. India`s Gold imports stood at Rs 41085 crore in value terms in June 2024, down around 38% compared to June 2023. Gold imports rose on a monthly basis too, up around 48% compared to May 2024. The MCX Gold futures are trading at Rs 72880 per 10 grams, down 0.15% on the day after hitting a high above Rs 73100 per 10 grams.