Gold spurts on import duty hike, global sentiment
Gold prices spurted at the domestic bullion market here amid speculative buying in the wake of hike in import duty on yellow metal.
MUMBAI: Gold prices spurted at the domestic bullion market here today amid speculative buying in the wake of hike in import duty on yellow metal.
Silver rebounded modestly after four-session slump on renewed industrial demand.
The finance minister in its budget today raised the basic custom duty on standard gold bars, gold coins of purity exceeding 99.5 per cent and platinum from 2 per cent to 4 per cent and on non-standard gold from 5 per cent to 10 per cent,".
Standard gold of 99.5 per cent purity hardened by Rs 245 to finish at Rs 27,630 per 10 grams from Thursday's closing level of Rs 27,385.
Pure gold of 99.9 per cent purity also surged by a similar margin to end at Rs 27,760 per 10 grams from Rs 27,515 previously.
Silver ready (.999 fineness) rose by Rs 120 by per kg to close at Rs 56,660 as compared to Rs 56,540 yesterday.
In New York, gold regained some of the lost ground on a combination of bargain hunting after recent steep fall and weakening dollar.
Gold for April delivery added USD 16.60 to settle at $1,659.50 an ounce at the Comex devision of the NYMEX late yesterday, while silver May contract gained $32.73 per ounce.
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