- Gold price opened lower on MCX on May 14 after gains on Wednesday
- MCX gold July futures fell 0.13% to Rs 1,61,344 per 10 grams at 9 am
- MCX silver June futures declined 0.92% to Rs 2,97,485 per kg at 9 am
Gold Price Today: After significant gains on Wednesday, the yellow metal rate opened low on MCX today, May 14 as India aims to curb gold purchases amid ongoing geopolitical tensions in the Middle East.
At 9 am on Thursday, the MCX gold July futures contract fell 0.13% to Rs 1,61, 344 per 10 grams, while the MCX silver June futures dropped 0.92% to Rs 2,97, 485 per kg.
Prices of precious metals surged over 6% on MCX after government hiked the import duty levied on gold, silver and platinum.
In a notification issued on Tuesday, May 12, the government hiked import duty these precious metals from 6% to 15%, effective from the midnight of Wednesday, May 13.
The move, which was expected to make gold, silver and platinum costlier, came two days after Prime Minister Narendra Modi appealed to the citizens to defer their gold purchases, as the country's foreign exchange reserves have come under strain due to the Middle East conflict.
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