Gold prices were flat on Monday at ₹35,470 per 10 gram in the bullion market here after rising for two consecutive days after the Budget announcement of the imposition of higher custom duty. In the Union Budget for 2019-20, the government proposed to increase custom duty on gold and other precious metals to 12.5% from the current 10%.
According to the All India Sarafa Association, gold of 99.9% and 99.5% purity traded flat at ₹35,470 per 10 gram and ₹35,300 per 10 gram, respectively, in the national capital. Sovereign gold held steady at ₹27,300 per eight gram. On Saturday, gold had surged by ₹670 to ₹34,470 per 10 gram after rising by ₹590 on Budget day.
Globally, gold was trading higher at $1,403.59 an ounce in New York, while silver was up at $15.05 per ounce.
Meanwhile, silver ready gained by ₹148 to ₹38,948 per kg, while weekly-based delivery zoomed from ₹808 to ₹38,093 per kg. On Saturday, silver rose by ₹300 to ₹38,800. Silver coins were in good demand and traded higher by ₹1,000 at ₹81,000 for buying and ₹82,000 for selling of 100 pieces, respectively.
