Stack of gold bars. | Photo Credit: DigitalVision A day after the Finance Ministry increased import duty on gold to 15 per cent from 6 per cent to discourage inflows, the Directorate General of Foreign Trade (DGFT) has tightened the regulatory framework for duty-free gold imports used by the gems and jewellery sector as inputs…
Gold prices down across India on May 14 | Photo Credit: RUPAK DE CHOWDHURI Gold prices in India saw decrease today across all cities. The price for 8 grams of 24-carat gold also dropped in all cities compared to yesterday. Below is a detailed breakdown of gold prices in key cities. Gold rates in India:…
Gold was largely steady on Thursday, as investors focused on a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, while digesting a rise in U.S. inflation driven by the increased energy costs linked to the Iran war. Spot gold inched up 0.1% at $4,689.79 per ounce, as of 0931 GMT. U.S….
Gold prices ticked up on Thursday, as investors focused on talks between US President Donald Trump and his Chinese counterpart Xi Jinping, looking for signs of a resolution to the Iran war. Spot gold inched up 0.4 per cent at $4,707.08 per ounce, as of 0732 GMT. US gold futures for June delivery rose 0.4…
Gold and silver markets posted mixed results on Thursday, with gold touching record highs while silver retreated, as geopolitical tensions and macroeconomic shifts continued to drive commodity markets. Internationally, gold is trading at $4,705 per ounce, up 0.16 per cent, while the domestic MCX price hovers near the ₹1,61,500–₹1,62,000 zone following a sharp breakout in…
SBI Research expects a moderation in import volumes following the latest duty hike | Photo Credit: FRANCIS MASCARENHAS The recent increase in customs duty on gold imports to 15 per cent could push up domestic gold prices, alter physical market dynamics and have implications for India’s current account deficit (CAD), according to a report by…
According to estimates by the World Gold Council, every 1 per cent increase in import duty can reduce consumer demand by around 0.8 per cent, or nearly 6 tonnes A hike in gold import duties is projected to trim annual demand by nearly 60 tonnes, potentially saving the exchequer $2.5 billion (approximately ₹24,000 crore) in…
Gold discounts in India widened to record levels of more than $200 an ounce after the government increased import duties on gold and silver from 6 per cent to 15 per cent. | Photo Credit: SIVARAM V Gold discounts in India widened to a record of more than $200 an ounce on Wednesday, as a…
The Finance Ministry has increased the import duty on gold sourced from the UAE under the Comprehensive Economic Partnership Agreement (CEPA), raising the rate for the specified quota to 14 per cent from 5 per cent. The move is in sync with the government’s decision on Wednesday to increase the standard import duty on the…
Gold prices extended gains on Wednesday, with domestic futures crossing the ₹1.63 lakh mark on the Multi Commodity Exchange (MCX), supported by geopolitical tensions, a record low in the rupee, and continued safe-haven buying. MCX Gold opened with a sharp gap-up and traded above ₹1,63,000 after breaking out of a medium-term consolidation range, while COMEX…
