Guldefterfrågan i Indien föll med cirka 70 procent efter att regeringen höjt importtullarna. Branschbedömningar visar att efterfrågan uppgick till 7,5 ton under fjortondagarsperioden som avslutades den 27 maj, jämfört med 25 ton året innan.
Tullen på guldimport höjdes från 6 procent till 15 procent, med ikraftträdande den 13 maj. Förändringen påverkade konsumenternas inköp direkt under de efterföljande veckorna.
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Prime Minister Narendra Modi has urged citizens to reduce spending on gold and petroleum products amid falling foreign exchange reserves and rising import bills linked to the West Asia conflict.
The Indian government has increased customs duties on gold, silver and platinum to curb imports and preserve foreign exchange reserves amid rising oil prices from the West Asia conflict.
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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.