Amid strong demand by local jewellers and firm global cues, gold prices on Wednesday rose by Rs 100 to Rs 32,500 per 10 gm at the bullion market. Similarly, silver also rose by Rs 125 to Rs 38,125 per kg, PTI reported.
Higher demand from domestic jewellers and positive cues from the global markets led to rise in gold prices in India, trader told PTI. In Delhi, yellow metal of 99.9 per cent and 99.5 per cent purities gained Rs 100 each to Rs 32,500 and Rs 32,350 per 10 gm, respectively, PTI reported. In the last two sessions, gold gained Rs 300 in the last two sessions.
Earlier last month, the government said it soon come out with an integrated gold policy and set up a domestic gold council to promote growth in the sector. Commerce Minister Suresh Prabhu had said the government is also looking at the industry’s demand for cutting import duty on gold to four per cent from the current 10 per cent.
“This is one of the important issues for the industry that is export-oriented. If you have import duties, the working capital gets blocked up. So, we are already working on that,” he said.
“At the same time, the Finance Ministry has a responsibility to curtail the CAD (current account deficit), therefore, they are also trying to find out how we can keep the imports under control. So, we have to balance both together,” the Minister had said.