The Centre has sharply raised import duty on gold, silver and platinum as geopolitical tensions and rising import costs put pressure on India’s external account.
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.
The yellow metal for April delivery slumped Rs 208, or 0.52 per cent, to Rs 39,500 per 10 gram in 254 lots.
Indian rupee advanced 22 paise to 71.48 per US dollar as global markets stabilised after the US and Iran toned down their war rhetoric.
Gold for delivery in February next year also edged up by Rs 53, or 0.14 per cent
In global markets, today gold prices dropped following optimism that US-China could sign a trade deal by the end of the month.
Tracking gold, silver ready rallied Rs 450 to Rs 37,900 per cent and weekly-based delivery by Rs 452 to Rs 36,671 per kg.
Silver coins, however, spurted by Rs 1,00 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
