Gold on MCX tops ₹163,000 after 15% import duty hike
Business
Gold prices on MCX just crossed ₹163,000, and silver is following suit, thanks to a mix of global tensions and the Indian rupee hitting a record low against the US dollar.
The big push came after India raised import duties on gold and silver from 6% to 15%, making domestic prices shoot up compared to global rates.
Nirpendra Yadav sees gold near ₹165,000
Since India imports most of its gold and silver, higher import duties mean extra costs for buyers here, so prices go up fast.
Nirpendra Yadav from Bonanza explained that this duty hike has directly impacted MCX bullion rates, with gold possibly heading toward ₹165,000 or even ₹166,000 soon.