gold import duty, Gold Price Today: Opportunity to buy cheap gold in Lagnasarai, central government will take measures on the rising price of gold – gold rate today india expected to cut import duty on gold to combat smuggling reports Pipa News

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gold import duty, Gold Price Today: Opportunity to buy cheap gold in Lagnasarai, central government will take measures on the rising price of gold – gold rate today india expected to cut import duty on gold to combat smuggling reports

New Delhi: Gold prices hit new record highs in the early trading session today. Meanwhile, there is a big news coming out regarding precious gold. The world’s second largest consumer of gold, India is likely to make a big decision on gold exports. According to some media reports citing government and bullion market sources, the Center is considering reducing the import duty on gold. The central government led by Prime Minister Narendra Modi may take steps to curb gold smuggling, Reuters news agency has reported.

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Gold smuggling increased
Since the spread of Covid infection, there has been a significant increase in the illegal import of gold and to curb this, the central government may reduce the import duty on gold. India is the second largest consumer of gold in the world and the reduction in import duty will also bring down the price of gold in the domestic market. Retail sales may pick up as gold becomes cheaper ahead of wedding season. This will also provide relief to domestic gold refineries. Gold import duty is currently 18.45 percent. This includes 12.5 percent import duty, 2.5 percent agricultural cess and other taxes.

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Bounce in gold prices
Gold prices touched a record high on Tuesday and touched a level of 57,000 per 10 grams in the morning session. As a result, during the wedding season, the pockets of gold buyers have been hit. Gold price on the Multi Commodity Exchange (MCX) touched Rs 57,030 per 10 grams today.

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Gold price in world market
Meanwhile, gold futures and spot prices fell sharply in the international markets on Monday evening. Global gold futures on the Comex fell 0.10 percent to $1,942.90 an ounce on Monday evening, Bloomberg reported. Silver futures and spot prices also fell on Monday evening. Global silver futures traded up 0.58 percent, or $0.14, at $23.80 an ounce on the Comex on Monday evening, according to Bloomberg.

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