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Budget 2024 Expectations: The commodity markets in India are seeking several changes in the upcoming budget, including the reduction or abolishment of the Commodity Transaction Tax, addressing GST issues, providing adequate infrastructure for farmers, and others.
Meanwhile, silver opened at Rs 71,885 per kg and hit an intraday low of Rs 71,590 on the MCX. The price hovered around $22.78 per troy ounce in the international market.
The MCX stock hit a record high of Rs 3,343 on December 8, 2024, but failed to hold on to the momentum. It found support above the 50-DMA on the daily charts earlier in January and bounced back. It looks like the stock has formed a strong base above 3,000 level and traders can take advantage of the momentum, which could push the stock to a fresh record high in the short- to medium-term, suggested experts.
Analysts say Signs of sticky US inflation and continued labour market strength capped gains for precious metals
The Chinese central bank’s decision to keep rates unchanged is being seen as a reflection of the cautious approach central banks around the world are taking