The increase in import duty on precious metals is a part of a broader strategy aimed at conserving foreign exchange, protecting the current account, prioritising essential imports, and strengthening India’s economic resilience in the face of evolving global uncertainties, government sources said on Wednesday.
Stock markets across Asia posted strong gains while crude prices slipped sharply after a temporary truce between the US and Iran signalled easing tensions in the Middle East.
Gold and silver prices went up on Friday after a mild dip in the previous session, driven by conflict in the Middle East and a softer dollar.
Spot gold was up 1.35% at USD 5,348.49 an ounce as of 2316 GMT, while US gold futures climbed 2.2% to USD 5,362.30 per ounce. The rally underscores investor flight to safety amid rising geopolitical risks.
In the September quarter, the share of total consumption of gold spiked to an all-time high as the World Gold Council (WGC) said that the rising gold prices are spurring Indian investors to buy bars and coins, with record purchases worth $10 billion.
Over the past 24 hours, variations in gold prices have been seen in several major Indian cities.
Over the past 24 hours, variations in gold prices have been seen in several major Indian cities.
On September 19, 2022, the price of 24 and 22 carat gold in India remain unchanged. On Monday, the price of 10 gram of 24 carat gold in India is Rs 49,340, while 10 grams of 22 carat gold cost Rs 45,200.
On September 17, 2022, the price of 24 and 22 carat gold in India has continued to drop. As of Saturday, the price of 10 gram of 24 carat gold in India is Rs 49,960, while 10 grams of 22 carat gold cost Rs 45,800.
The yellow metal had closed at Rs 46,047 per 10 gram, in the previous trade.
