Gold prices hold near near six-year highs News by Expertcommodity
- Gold price in India includes a 10% import tax and 3% GST
- Weaker dollar and heightened tensions between the US and Iran increased safe-haven demand for gold
Gold prices today extended gains in early Asian trade on Monday, hovering near a six-year peak touched in the previous session, as a weaker dollar and heightened tensions between the United States and Iran underpinned the precious metal. Spot gold was up 0.6% at $1,406.56 per ounce in global markets, heading for a fifth straight session of gains. Gold prices hit $1,410.78 on Friday, their highest since September 4, 2013. US gold futures rose 0.7% to $1,410.20 per ounce.
Back in India, gold futures for August delivery on MCX traded 0.42% higher at ₹34,310 per 10 gram.
Meanwhile, physical gold discounts in India have widened as an upsurge in local prices dampened purchases. The domestic price in India includes a 10% import tax and 3% GST.
US President Donald Trump said last week that he called off a military strike to retaliate for Iran's downing of an unmanned US drone, and he said on Sunday that he was not seeking war with Iran.
Meanwhile, physical gold discounts in India have widened as an upsurge in local prices dampened purchases. The domestic price in India includes a 10% import tax and 3% GST.
US President Donald Trump said last week that he called off a military strike to retaliate for Iran's downing of an unmanned US drone, and he said on Sunday that he was not seeking war with Iran.
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