Brief by Shorts91 Newsdesk / 10:40am on 26 Jul 2024,Friday Business
India's gold prices have fallen 7% or Rs 5,000 per 10 grams after the government reduced the basic custom duty on gold. The duty cut aims to curb gold smuggling and boost the organized jewelry sector. With gold imports now cheaper, retail investors can expect more attractive pricing. The move may initially weaken market sentiments but is expected to drive growth in the gold market. The reduction makes gold a more viable investment option, benefiting both commodity and financial asset investors. The change is likely to increase demand and trade in the yellow metal.
