Gold prices plummeted by Rs 5,000 per 10 grams following the government's budget announcement to reduce the basic customs duty on gold. This 7% drop is expected to benefit the organized jewellery sector and curb smuggling, encouraging more investments in gold.
Meanwhile, experts suggest that investors should buy gold on dips towards Rs 49,000 for an initial upside target of Rs 49,500.
Gold prices slipped by Rs 252 to Rs 52,155 per 10 grams in the national capital on Friday. In the previous trade, the precious metal had closed at Rs 52,407 per 10 grams.
Gold prices on Thursday rose Rs 53 to Rs 38,150 per 10 gram in the futures trade as speculators widened their bets on spot demand, tracking a firm trend overseas. On the Multi Commodity Exchange, gold contracts for the December delivery traded higher by Rs 53, or 0.14 per cent, at Rs 38,150 per 10 gram in a business turnover of 1,880 lots.
New Delhi: Posting this year's biggest single-day rise of Rs 840, gold on Tuesday regained the Rs 27,000 per ten gram level, tracking a rebound in global markets.In addition, a pick-up in domestic demand for
New Delhi, April 28: Government has raised the tariff value of gold to $472 per 10 grams on account of a volatile price trend in global markets.Tariff value is the base price on which the
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