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Customs duty cut on gold, silver to boost domestic jewellery demand
The budget reduced customs duty on gold bars from 15% to 6%, gold dore from 14.35% to 5.35%, Silver bars from 15% to 6%, and silver dore from 14.35% to 6%.
The budget reduced customs duty on gold bars from 15% to 6%, gold dore from 14.35% to 5.35%, Silver bars from 15% to 6%, and silver dore from 14.35% to 6%.
The gold and jewellery industry expects continuation of pro-growth and pro-gold policy reforms.
Gold is up 12% y-t-d and has been trading above US$2,300/oz for most of Q2 2024
Given the skyrocketing gold prices, analysts recommend investors to accumulate yellow metal in smaller denominations this festive season.
In the metals market, Gold has surged to a new all-time peak, Copper futures experienced substantial gain, and HRC Steel prices have declined 22.69% since the beginning of 2024.
Central banks shore up gold reserves to prepare for turbulent times, pushing up prices across the globe. The trend is here to stay.
Analysts expect the gold prices to further touch ₹67,450-$67,900.
It is perplexing that gold ETFs are losing sheen even when physical gold prices are skyrocketing.
Jefferies has downgraded IIFL Finance to ‘Hold’ from ‘Buy’, while cutting its target price to ₹435 from ₹765 estimated earlier.
The GJEPC has urged govt to cut import duty on gold, silver, and platinum bars to 4%; reduction in import duty on cut and polished diamonds to 2.5%.