Price of gold & palm oil may decrease..!? Strong decision..?

India, which is the largest importer of cooking oil and gold internationally, consumes a large portion of its consumption through imports. gold is also the largest importer of not only cooking oil but also crude oil. It has reduced the basic import price. It seems that india may have taken such a decision when the price of the above commodities in the international market is becoming moderate.
The government of india revises the basic import prices of cooking oil, gold, and silver once every fortnight. These prices are used to calculate the amount of duty payable by importers. This move by the indian government may lead to lower prices of crude oil, edible oil, gold and silver, and soya oil. Although this is seen as a measure to control inflation, it may further help people during the festive season.This will not only reduce inflation but also lead to a reduction in the trade deficit. Overall this can lead to people getting the above products at a lower cost. india is the top and second largest of gold in the world.It is noteworthy that the various political issues at the international level, especially after the shortages in the supply chain after the Russia-Ukraine conflict, have reached a multi-year high at the international level. To further encourage this, the Covid problem is still ongoing in China. However, due to various measures, the prices have come under control.

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palm oil

Sowmiya Sriram

02/10/2022 02:59 PM