Quote on Gold & Silver by Anindya Banerjee, SVP, Head of Research, Currency, Commodity & Interest Rates, Kotak Securities
Below the Quote on Gold & Silver by Anindya Banerjee, SVP, Head of Research, Currency, Commodity & Interest Rates, Kotak Securities
MCX Gold and Silver prices faced significant selling pressure following a reduction in basic customs duty from 10% to 5%, and a decrease in AIDC from 5% to 1%, resulting in a total import duty of 6%. This move has led to a sharp decline in prices, with Gold down by Rs. 4000/10 grams and Silver plummeting by Rs. 4090/kg.
While cheaper prices may stimulate domestic demand in the medium term, short-term trends could be influenced by Federal Reserve policy decisions. There remains potential for further downside, given the unexpectedly high import duty cut.
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