Domestic gold prices soften tracking global cues, down Rs 2,000 in July

Gold prices in India have been declining in July tracking weak global cues.

Investors seemed to have turned towards the US dollar on the possibility of another steep policy rate hike in the upcoming review meeting later this month.

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Prices of the yellow metal in international markets have declined by around USD 100 per ounce to USD 1,700 so far in July, data showed.

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In India, the prices declined by around Rs 1,800-2,000 towards Rs 50,000 per 10 gm during the same period.

It is important to note that India has raised the import duty on gold effective July

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This too may have cooled demand for the commodity.

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The Central government had raised the import duty on gold from 10.75 per cent to 15.0 per cent.

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India is the second-largest consumer of gold, and it fulfils a major portion of its demand through imports.

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