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NBCC board approves 1:2 bonus issue LIC pares stake in HDFC AMC Indian Hume Pipe bags order worth Rs 859 cr GPT Infra emerges as L-1 bidder for Rs 204-cr order Emami to acquire remaining 49.6% stake in The Man Company Anup Engg inks pact with Graham to expand manufacturing and supply capabilities Centum Electronics bags Rs 108-cr order from DRDO Hazoor Multi Projects bags orders worth Rs 70 cr CRISIL reaffirms rating of Kalpataru Projects; maintains 'stable' outlook Insecticides (India) board OKs proposal to buyback 5 lakh shares through 'tender' route Adani Ports and SEZ to buy 80% stake in Astro Offshore for $185 mln HAL gains on inking pact with SAFHAL to develop next-gen helicopter engines Zydus Life Jarod facility receives USFDA warning letter Jai Corp Ltd leads losers in 'A' group Inventure Growth & Securities Ltd leads losers in 'B' group

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MCX Gold Recovers to Rs 69,000 Following 5% Plunge

24-Jul-24 15:23 Hrs IST

MCX gold prices made recovery today, bouncing back to Rs 69,000 after plummeting to Rs 68,500 yesterday. This sharp dip, over 5%, came in the wake of Finance Minister Nirmala Sitharaman's announcement of a significant import duty cut on gold and silver from 15% to 6%, and on platinum from 15.4% to 6.4%. The reduced duties are expected to boost gold imports, which reached Rs 3.77 lakh crore in FY2023-24. Meanwhile, COMEX gold futures rose for the second straight session, trading at $2,413 per ounce. Traders are now eyeing key economic data, with the advance reading of second-quarter GDP due on Thursday and the PCE price index report for June on Friday.

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