Friday, 17 January 2020
TIME 8:40 AM IST
MCX METALS MARKET REPORT
Copper and Nickel were unable to hold onto gains yesterday and crashed towards the days close. Crudeoil, gold and silver all rose. Traders are thinking what next after the signining of US-China trade deal. There will be position squaring and rebuilding for next week as the day progresses.
Speculation of Gold custom duty cut in Union Budget next month. My view
There is lot of speculation in India that custom duty on gold imports will be cut next month. The current NDA government under Modiji has been taking all measures (right from 2014) to prevent dissuade Indians from buying gold jewelery and physical gold investment. They never understand that the jewelery sector is unorganized, is traditional and employs unbelievably large number of people. There has been massive small and tiny shop closures of jewelers all over India including the prime ministers home state of Gujrat. Rajkot and Surat in Gujrat are big jewelery centres of India. There has been massive layoffs even in these cities. Change is needed BUT change has to be gradual and not overnight. Change has to be done in way which does not increase unemployment and causes minimum hardship to the people. I do not see any gold custom duty cut in the upcoming Union budget next month due to anti jewelry sector policies followed by Modiji government since 2014. (It is high time that the various jewelery associations in India stop lobbying with the central government and state government, stop financing political parties in their elections and focus on making tiny and small jewelery shops competitive. The jewelry sector has supported me since I started in 2003. It is payback time for me in whichever way I can.)
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 70.9800: A break of 71.0350 will result in 71.1550 and 71.3050. Sellers will be there today below 70.8500.
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NOTES TO THE ABOVE REPORT
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