Gold Duty

Gold rally is being driven more by subdued yields and US Dollar Index rather than safe haven demand

UBS analysts have raised gold's target to $2,750 per oz by end-2024 (from $2,600 per oz), $2,850 per oz by mid-2025 (from $2,700 per oz), and $2,900 per oz by end-3Q25 (from $2,750 per oz)

Gold demand India: Gold prices, meanwhile, surged 18 per cent year-on-year (YoY) in the June 2024 quarter to $2,338.2 an ounce (oz), and were up nearly 13 per cent when compared with the December 2023

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

Duty concessions on gold, which accounts for 80 per cent of India's imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. India and the South American nation Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. The next round of talks is expected to start this week in Lima, Peru. "Tariff concessions on gold, accounting for USD 1.8 billion or 80 per cent of India's imports from Peru

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

Revenue intelligence officials asked to tighten vigilance; bullion analysts foresee 300-tonne spike off the record

India is in a spot as its already grappling with a surge in gold imports from its FTA partners, including South Korea and Asean member Indonesia