MCX Live Commodities Weekly Technical Research Report 27 — 31 January 2020 By Neal Bhai Reports CHARTERED FINANCE ANALYST (CFA) India, New Delhi
Gold Rates Up for 3rd day, Silver Prices Surge
Silver and gold rates gained in Indian markets today, lifted by higher global rates. On MCX, February gold futures rose 0.52% to ₹40,560 per 10 gram, extending gains to the third day. Tracking gold, silver also edged higher.
MCX Gold Futures Up ₹200 to ₹40,530
MCX Gold Futures prices on January 27 rose by Rs 220 to Rs 40,530 per 10 gram in futures trade as speculators widened their bets in line with positive overseas trend.
Gold News Today – Bullion Industry Expects Reduction in Import Duty on Gold
The bullion industry expects the government to announce significant reduction in import duty on gold in the upcoming Budget 2020. It must be noted that gold imports are curren jewellery industry tly levied customs duty of 12.5% and an additional 3% as GST.
Precious Metal was on Track to Post a Weekly Gain
Precious Metal – Spot gold fell 0.2 per cent to $1,560.50 per ounce by 0131 GMT. For the week, prices were on track to gain 0.3 per cent. US gold futures slipped 0.4 per cent to $1,559.20.