Mumbai, July 25:
22 Carat gold prices in India fell by ₹950 to ₹64,000 per 10 grams, and the price for 100 grams dropped by ₹9,500 to ₹6,40,000.
The prices fell on Thursday (July 25) after continuing a downward trend that began following Finance Minister Nirmala Sitharaman’s announcement of a reduction in Customs duty on gold, silver and platinum. The cut, from 15% to 6%, was intended to lower gold prices, which had been at record highs.
Investment outlook
The outlook for gold remains mixed.
Analysts are closely watching upcoming US data for indications of future Federal Reserve rate cuts.
A rate cut could enhance gold’s appeal as a non-yielding asset.
According to the CME FedWatch Tool, there is a 96% chance of a 25 basis point rate cut in September.
