Gold rates in India dipped today, extending losses to the second day though the drop was moderate amid firm global rates. On MCX, gold rate today were down 0.04% to ₹48575 per 10 gram while silver fell 0.45% to ₹61,856 per kg. In global markets, gold edged higher to regain $1,800 per ounce levels as concerns over the rapidly spreading Omicron coronavirus variant boosted the metal’s safe-haven appeal.
Asian share markets were lower today as fresh lockdowns in parts of Europe to stem the rapid spread of omicron are also unsettling investors.
- Gold rate had hit a record high of ₹56,191 in August last year and despite omicron concerns, the precious metal is on track for for the first annual loss in three years
Spot Gold Trading Zone (Level)
“Spot Gold is expected to remain choppy with mild positive bias expected initially but a direct break above $1820 would take prices further higher. An unexpected drop below $1765 is a sign of weakness,” domestic brokerage.
A setback for President Joe Biden’s economic agenda also weighed on the risk sentiment. Traders were assessing the latest comments from US Senator Joe Manchin, who left Democrats with few options for reviving Biden’s agenda after rejecting the roughly $2 trillion tax-and-spending package.
The US dollar index edged higher to hover near three-week high hit in the previous week.
Among other precious metals, spot silver was up 0.1% at $22.37 an ounce, while platinum shed 0.2% to $928.23.
For silver, “if the major support of $21.20 remains undisturbed expect recovery upticks in the counter. However, mild resistance is seen at $22.70,”.
MCX Gold Life Time High | MCX Gold All Time High
Despite omicron concerns, gold is on track for for the first annual loss in three years as central banks reduce pandemic-era stimulus to fight inflation. Gold had hit a record high of ₹56,191 in 2020 August last year.
In India, physical gold demand showed a modest improvement last week as some buyers rushed to stores anticipating a further rise in domestic prices, citing jewellers.
How much is customs duty on gold?
Dealers were offering discounts of up to $2 an ounce over official domestic prices. Gold rates in India include 10.75% import and 3% GST.
What will be gold prices in 2022?
New Delhi: Domestic gold prices are expected to surge towards the highs of Rs 52,000-53,000 over the next 12 months. In 2022, prices of the precious metal have been trading between Rs 47,200 and 49,300 mark per 10 grams.
Is it legal to import gold in India?
Import of gold in the form of coins and medallions is prohibited. Entities/units in the SEZ and EOUs, Premier and Star Trading Houses would be permitted to import gold exclusively for the purpose of exports. These entities will not be permitted to clear imported gold for any purpose other than for exports.
(With Agency Inputs)