On July 24, 2024, the Multi Commodity Exchange of India Limited (MCX) saw significant increases in the prices of gold and silver. 

Gold futures, set to mature on August 5, 2024, reached Rs 68,865 per 10 grams on the MCX after surging by Rs 355 or 0.52% from the previous close of Rs 68,510. 

Meanwhile, silver futures, maturing on September 5, 2024, experienced a slight increase of Rs 287, or 0.34%, with a retail price of Rs 85,206 per kg instead of the earlier close of Rs 84,919. 

Yesterday, in the Union Budget 2024-25, the Finance Minister said that the Customs duty on gold will be reduced to 6%, and the customs duty on platinum will be reduced to 6.4%.

According to Reuters, gold prices climbed higher that day, while U.S. gold futures also significantly increased. Additionally, spot gold rose to USD 2,416.62 per ounce, and U.S. gold futures gained USD 2,417.10. Spot silver also saw an increase, reaching USD 29.28 per ounce. 

This surge in precious metal prices was attributed to investors eagerly awaiting U.S. economic data that could impact the Federal Reserve’s rate-cut timeline.

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