Indian Gold futures hovered around it's 19 month low today, boosted by a Stronger Rupee and losses in the Global markets.
The morning session witnessed price of MCX gold down around Rs.270 at Rs.25497/10grams, while the Rupee was trading around 53.82/USD. With a stronger rupee, a strong slide in the price of yellow metal is seen.
India is world's biggest buyer of Gold, which the government considers as a dead investment piling up a record-high current account deficit, hence barring economic growth. Government has taken a lot of measures to minimize gold import in India, raising the import duty on gold by 50 percent to 6 percent this January being the latest move. However, such measures would be restricted in the future to avoid gold smuggling.
With festivals like Akshaya tritya and wedding season around, today's gold movement is certainly an invitation to Indians to invest in the so called dead investment. Gold demand is surely going to rise due to this major dip in Gold Price in India today.
The morning session witnessed price of MCX gold down around Rs.270 at Rs.25497/10grams, while the Rupee was trading around 53.82/USD. With a stronger rupee, a strong slide in the price of yellow metal is seen.
India is world's biggest buyer of Gold, which the government considers as a dead investment piling up a record-high current account deficit, hence barring economic growth. Government has taken a lot of measures to minimize gold import in India, raising the import duty on gold by 50 percent to 6 percent this January being the latest move. However, such measures would be restricted in the future to avoid gold smuggling.
With festivals like Akshaya tritya and wedding season around, today's gold movement is certainly an invitation to Indians to invest in the so called dead investment. Gold demand is surely going to rise due to this major dip in Gold Price in India today.
It is very true that, Many people in India invest in Gold. This post is really beneficial for those traders who are investing in gold commodity. thanks for the share.
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