27-Jul-2024 13:09

COMEX Gold futures fell in the week gone by, sliding further after a break below $2400 to its lowest level in three weeks, as investors turned cautious ahead of key US economic data releases. Metals and risky assets were hurt heavily and sentiments remained volatile. Markets are fully pricing in a September rate cut, with two additional reductions anticipated before the end of the year. Meanwhile, in India, gold demand is expected to increase following the government's reduction of the gold import tax from 15% to 6%. The dollar index, however, remains relatively unchanged around the 104 mark as the US political scene shifts. President Joe Biden's decision to bow out of the reelection race and throw his support behind Vice President Kamala Harris as the Democratic nominee has added an extra layer of intrigue to the mix. Gold is reeling under pressure recently but may find some comfort as Indian purchases may provide support after a reduction in India's import duties from 15% to 6%. MCX Gold futures tanked around 5% in a single session after FM cut the import duties on previous metals and also fell under the key Rs 70000 per 10 grams.

Powered by Commodity Insights