MCX gold trades at discount to import price on duty cut reports

Market players say the discount points to the possibility of a one per cent reduction in taxes on the precious metal

Gold for delivery in February was trading at Rs 31,470 per 10 grams, or at a half per cent discount to landed cost of imported gold, at 5:30 on Monday evening on the Multi Commodity Exchange. The price had fallen by one per cent in the morning.
 

 

Market players say the discount reflects the possibility of a one per cent reduction in taxes on the precious metal. Gold attracts 10 per cent import duty and three per cent goods and services tax.