What made gold plunge by Rs 1,800 per 10 grams to below Rs 48,000?

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What made gold plunge by Rs 1,800 per 10 grams to below Rs 48,000?
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Sithraman proposed to cut duty on gold and silver to 7.5 per cent from 12.5 per cent, meeting industry demand. However, she also proposed Agriculture infrastructure and development cess at the rate of 2.5%.

Gold futures pared morning gains and was trading at Rs 47,939, down nearly Rs 1,800 from Monday’s high. It was down 2.83 per cent from the previous close.

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