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Gold looks up on hike in import duty

MUMBAI: Gold prices recovered on the bullion market here on Monday due to fresh local demand despite falling trends in the European markets. Silver also firmed up further owing to persistent demand from industrial users.

The customs duty on silver has also been increased from Rs. 500 to Rs. 1,000 a kg.

In the domestic market, standard gold (99.5 purity) rose by Rs. 80 (10 gram) to Rs. 14,535 from last weekend’s level of Rs. 14,455. Pure gold (99.9 purity) also firmed up with a similar margin to Rs. 14,605 from Rs. 14,525.

Silver ready (.999 fineness) hardened by Rs. 120 to Rs. 22,120 from Rs. 22,000 a kg previously. — PTI

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