Four reasons why gold has dropped to an 8-month low - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Three reasons behind #silversqueeze in the global market and its impact on India
Prices on the futures market zoomed by 13 percent before the shine gave way to reason, though silver ended with 6.3 percent gain at USD 28.70. However, the hammering continued on February 2 with prices declining further by 5.5 percent to USD 27.80.
Silver
Silver’s glitter began to wear off on February 2, 2021, after having surged to an eight-year-high of over $30 an ounce the previous day.
Prices on the futures market zoomed by 13 percent before the shine gave way to reason, though silver ended with 6.3 percent gain at USD 28.70. However, the hammering continued on February 2 with prices declining further by 5.5 percent to USD 27.80.
Budget 2021: Bullion sector hopes glitter as Nirmala Sitharaman cuts duty on precious metals, raw materials
Sitharaman has proposed a five percentage point cut in import duty on gold and silver. But the precious metals will attract a 2.5 percent Agriculture Infrastructure and Development Cess (AIDC) taking the total value of duty to a little over 10 percent.
gold silver metals
Union Finance Minister Nirmala Sitharaman has come up with proposals to cut duty on gold and silver imports, and also dore bars, besides others which will give a boost to the domestic bullion sector.
The bullion industry’s reaction to the proposals bordered on being euphoric to upbeat as they had been seeking a duty cut to take on the unorganised trade encouraged by gold smuggled into the country due to higher Customs duty.