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Gold Price Today: Gold Continues To Extend Gains Post Import Duty Hike
Last week in an eventful move, the government of India has raised the import duty on gold to 12.5% from 7.5%. This has been done to reduce huge shipments of gold, curb widening trade deficit and control rupee's free-fall.
As per the Reuters data, the country in May this imported imported 101 tonnes of gold as against 13 tonnes last year.
Further as per the Reuters data, on increase in the import duty, price of gold surged to over Rs. 52000 per 10 gm, its highest price since April 25.
Gold price extend their previous gains on import duty hike
On the MCX, gold August futures are last seen trading higher by over 0.5% or Rs. 264 to Rs. 52181 per 10 gm. So, as of now at around 9:49 am, gold is precisely trading close to its day's high price. The gains extend post the sudden rally seen on Friday after the centre raised import duty. Gold on Friday zoomed by over 3% or Rs. 1500 per 10 gm.
International gold rates
Gold internationally is trading soft with the spot gold trading with a negative bias at $1812, down 0.06%. Gold was under pressure despite softness in the dollar index which was last down by a tad. Also, the US bond yields extended their Friday's losses and was down by 0.5% to 2.889.
View on precious yellow metal going ahead
Pritam Patnaik, Head - Commodities, HNI and NRI Acquisitions-Axis Securities is quoted in a leading dailies as saying- "Clearly, a robust Dollar index and buoyant treasury yields have inhibited any bullish sentiments. Expect gold prices to remain under pressure for some time now. If $1800 is again breached, a move towards $1780 -$1760 cannot be ruled ou. Bulls will only return if $1845 levels are taken out on the upside."
Also, as the domestic gold prices are influenced by the rupee dollar movement and rupee has been seen falling, gold may get a push for some time in the near term.
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