Bullion squeeze: MCX gold eyes Rs 1.70 lakh/10g, silver Rs 3.4 lakh/kg after 15% duty hike
Post import duty hike to 15%, Nuvama sees MCX gold (CMP Rs 1,62,400) targeting Rs 1,70,000 with stoploss Rs 1,55,000, and silver (CMP Rs 2,97,400) eyeing Rs 3,40,000 with stoploss Rs 2,62,000 on a weekly horizon. Direct hit to jewellery retailer input costs and shelf pricing.
Post import duty hike to 15%, analysts see MCX gold targeting Rs 1.70 lakh/10g and silver eyeing Rs 3.4 lakh/kg, with bullish weekly structures — relevant for jewellery retailers' input costs and pricing.