Tepid Action In Gold, MCX Futures Test Rs 40K

COMEX Gold saw tepid moves today as the global equities stayed mixed and US dollar firmed up. COMEX Gold futures are currently trading at $ 1559 per ounce, down marginally on the day. MCX Gold futures are trading flat at Rs 39950 per 10 grams after hitting exactly Rs 40k in intraday moves. Domestic bullion market remained tepid after recent price surge. Ministry of Finance also noted that The Mumbai Central Commissionerate has unearthed a multi-crore tax evasion racket that has been found to be transporting jewellery goods without paying GST, employing a unique modus operandi. Specific intelligence was received that certain Jewellers situated in various cities of India such as Hyderabad, Chennai, Delhi and Kolkata were supplying goods namely Gold and Gold Jewellery studded with precious stones or without precious stones to certain Jewellers based in Mumbai without payment of GST due thereon. The total value of goods was found to be Rs. 26 crore approximately.