Gold price in India rose sharply on 4th July
Gold Price Today, July 4, 2022: Gold futures on MCX jumped 0.49 percent to reach Rs 52,169 at Rs 52,169 in 1210 hours. Will the price of gold move further? What should investors do now?
gold price India Higher gains on Monday. India recently increased the basic import duty on gold from 7.5 per cent to 12.5 per cent. The move has affected the price of the precious metal. On July 4 at 1210 on the Multi Commodity Exchange (MCX), the futures of gold rose 0.49 percent to Rs 52,169 per 10 grams. Silver also rose 0.29 per cent to Rs 58,341 per kg on Monday.
The safe-haven metal, however, was trading lower in the international market on July 4. Spot gold was down 0.2 per cent at $1,807.19 an ounce by 0101 GMT. US gold futures rose 0.5 per cent to $1,809.50. The US dollar rose to a two-decade high during the previous session, reducing the precious metal’s appeal to buyers holding other currencies. The benchmark US 10-year Treasury yield fell to its lowest level in a month on Friday.
In order to reduce the growing trade deficit, the Center increased the basic import duty on bullion.
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