The Centre has revised customs duty rates for jewellery findings and tightened import compliance norms for precious metal recovery and recycling materials from May 13.
Gold and silver prices traded higher on Thursday, with prices rising by up to 1 per cent amid a rise in crude oil prices and uncertainty surrounding the US-Iran peace deal.
Festive buying sentiment gets a boost as bullion prices cool off across India, with southern cities still commanding a premium over northern markets despite the overall decline.
Gold and silver prices climbed over 1 per cent on Wednesday amid escalating conflict between the US‑Israeli combine and Iran, driving safe haven demand.
Notably, India is the world's largest exporter of aromatic, premium basmati rice, with buyers in the Middle East, including Saudi Arabia, Iran, and the United Arab Emirates, accounting for more than half of its shipments.
On Sunday, gold with 24k was trading at Rs 51,290 per 10 gm in the morning, an increase of Rs10 from yesterday's closing price.
Fresh positions built up by participants led to the rise in gold prices, analysts said.
Not only the Covid-19 crisis, assemblage of several other factors such as the macroeconomic issues, political uncertainties, and investment demand steered the metal northwards.
In the previous trade, gold had closed at Rs 51,000 per 10 gram.
The dollar index, which gauges the greenback's strength against a basket of six currencies.
