MCX Gold Recovers to Rs 69,000 Following 5% Plunge

Published on Jul 24, 2024 15:23

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.