Gold Prices in India Take a Nosedive Following Import Duty Cut

Published on Jul 23, 2024 13:14

Gold prices in India have taken a dramatic plunge, dropping nearly 5% and falling below the Rs 70,000 per 10 grams mark. This steep decline comes hot on the heels of the Finance Minister`s announcement to slash the import duty on gold and silver from 15% to a mere 6% to boost domestic value addition. Platinum didn`t escape the duty cuts either, with its rate being reduced to 6.4%. Meanwhile, on the international stage, gold futures are treading water, holding steady near the $2,395 an ounce level. Investors are now eagerly anticipating key US economic data, including flash PMIs, GDP, and the PCE price index report, which could stir up some market movements. The dollar index, however, remains relatively unchanged around the 104 mark as the US political scene shifts. President Joe Biden`s decision to bow out of the reelection race and throw his support behind Vice President Kamala Harris as the Democratic nominee has added an extra layer of intrigue to the mix.