'The 2.5% hike in gold import duty was unexpected'

The golds prices have touched new highs

By Pritam Patnaik

“The hike in import duties was unexpected, as market was expecting a reduction in import duties. While the golds prices have touched new highs with Gold MCX August 2019 futures contract scaling beyond Rs 35,000 per 10 gram, we see physical demand for gold coming down due to high prices. However prices of gold will continue to remain firm,” says Pritam Kumar Patnaik, Head Commodities, Reliance Commodities."

The author is Head Commodities at Reliance Securities.

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