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    India's gold punters hit by double whammy of duty cut, fall in overseas price

    A stronger dollar weakens demand for dollar denominated assets by holders of other currencies, causing prices to fall.

    Synopsis

    The duty cut, along with the recent correction, has caused inventory loss to jewellers who haven't hedged their risk, to Sovereign gold bond holders and gold bulls on the futures market.

    Mumbai: Punters in gold and silver futures have lost heavily since Feb 1, with the yellow metal having fallen 6% and silver by 10% from their respective highs. Gold active futures on MCX traded down 2% at Rs 46,803 per 10 gm intraday Thursday while silver active futures traded down 2.3% at Rs 66690 per kilo at the time of writing. The yellow metal generic contract has tanked from a high of Rs 49,717 on Monday while silver futures plumbed from a
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    The Economic Times