Gold Price Today Jumps Above Rs 52,100; Will it Rise Further after Basic Import Duty Hike?

Gold price in India jump sharply on July 4

Gold Price Today, July 4, 2022: On MCX, the gold price future jumped 0.49 per cent to Rs 52,169 for 10 grams at 1210 hours. Will Gold Price Rise Further? What should investors do now

Gold price in India edged higher on Monday. India has recently raised the basic import duty on gold to 12.5 per cent from 7.5 per cent. This move has impacted the price of the precious metal. On the Multi-Commodity Exchange (MCX), the gold price future jumped 0.49 per cent to Rs 52,169 for 10 grams at 1210 hours on July 4. Silver price future also increased 0.29 per cent to Rs 58,341 for a kilogram on Monday.

The safe-haven metal, however, traded lower in the international market on July 4. Spot gold was down 0.2 per cent at $1,807.19 per ounce of 0101 GMT. US gold futures rose 0.5 per cent to $1,809.50, Reuters reported. The US dollar climbed to near two-decade highs during the previous session, denting the appeal of precious metal for buyers holding other currencies. Benchmark US 10-year Treasury yields fell to their lowest level in a month on Friday.

To bring down ballooning trade deficit, the Centre hiked the basic import duty on the bullion.

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