GOLD RATES HAVE DROPPED ABOUT ₹2,000 PER 10 GRAM IN FOUR DAYS

MCX gold and silver today opened with some weakness as the April Gold Futures were down by almost Rs 434. The MCX Gold Futures were trading at Rs 47382 per 10 gm, down by almost 0.91 per cent from the Wednesday close. Meanwhile, March Silver Futures fell by Rs 823 around this time. The Silver Futures were trading at Rs 67493 per kg on MCX, down by almost 1.56 per cent from the previous close.

Finance Minister Nirmala Sitharaman in Budget 2021 proposals said that the government will rationalize customs duty on gold and silver. Currently, gold attracts 12.5% import duty. The government announced cut in customs duty on gold and silver to 7.5% from 12.5%. Indian imports bulk of its gold and silver requirements .Apart from this Gold has been pressurized by strong dollar and higher US bond yields.

Gold and Silver prices are showing some weakness on MCX and the investors should take advantage of this situation. The correction in prices of Gold and Silver futures should be seen as a buying opportunity.