Gold demand in India fell about 70 percent after the government raised import duties. Industry estimates put demand at 7.5 tonnes for the fortnight ended May 27, down from 25 tonnes a year earlier.
The duty on gold imports rose to 15 percent from 6 percent, effective May 13. The change directly affected consumer purchases in the following weeks.
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Premierminister Narendra Modi hat die Bürger dazu aufgerufen, ihre Ausgaben für Gold und Erdölprodukte zu reduzieren, angesichts sinkender Devisenreserven und steigender Importkosten im Zusammenhang mit dem Konflikt in Westasien.
Die indische Regierung hat die Zollgebühren für Gold, Silber und Platin erhöht, um die Importe zu drosseln und die Devisenreserven angesichts steigender Ölpreise infolge des Konflikts in Westasien zu schonen.
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Gold prices on India's MCX dropped sharply by Rs 3,000 per 10 grams as investors adopted a cautious stance before the US Federal Reserve policy meeting. Factors including profit booking in global markets, rising oil prices, and ongoing geopolitical tensions in West Asia contributed to the volatility in bullion trading. Analysts advise a sell-on-rise strategy amid these conditions.
Gold prices have held in a narrow $4,600-$4,800 range for almost two months despite persistent geopolitical tensions, as high interest rates and a strong U.S. dollar offset safe-haven demand. Analysts urge patience, with a breakout likely tied to central bank policies.
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Gold prices have fallen unexpectedly amid escalating geopolitical tensions in West Asia, diverging from their traditional safe-haven role. A strong U.S. dollar, rising Treasury yields, and profit-taking after recent gains are key factors suppressing prices. Analysts note a choppy near-term outlook but constructive long-term prospects.
Despite escalating geopolitical tensions from the Middle East war, gold prices have declined, countering its traditional safe-haven status. Traders attribute this to a broad risk-off sentiment, a strengthening US dollar, and profit-taking following prior gains. Experts view the drop as a temporary adjustment, with long-term support for precious metals intact.
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Dalal Street saw a notable decline with the Indian rupee hitting a record low for the second consecutive day. Key equity indices posted their largest single-day drop in six weeks.