COMEX Gold Slips, India Cuts Customs Duty On Precious Metals

Published on Feb 02, 2021 12:13

COMEX Gold futures slipped as a reduction in India`s customs duty led to a correction. India`s finance minister Nirmala Sitharaman reduced customs duty on gold and silver from 12.5% to 7.5%. She noted that Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver, she stated. This pulled MCX Gold futures down from an intraday high of Rs 49717 per 10 grams and the futures broke the 49K mark in a quick time. The counter closed at Rs 48710 per 10 grams, down 1.27% on the day. COMEX Gold futures slipped in US trades amid a sharp spurt in DOW and fell further in Asia to trade at $1858 per 10 grams, down 0.33% on the day right now.