Gold, silver rise most in over 8 months
Gold and silver shot up the most in over eight months on the bullion market here today with the Budget 2010-11 announcing a hike in import duty on the metals.
While gold spurted by Rs 300 to Rs 17,010 per ten grams, silver shot up by Rs 750 to Rs 25,800 per kg after Finance Minister Pranab Mukherjee announced an import duty hike of Rs 300 per ten grams on gold from Rs 200 and of Rs 1,500 a kg from Rs 1,000 on silver.
The duty hike will result in the metals becoming more expensive for the customer.
Trading sentiment remained buoyant with the budgetary proposals coming in at a time of high seasonal demand and a firming trend in the international markets.
Gold gained 0.3 per cent to USD 1,109.30 an ounce in Singapore snapping its three-day fall.
Standard gold and ornaments surged by Rs 300 each to Rs 17,010 and Rs 16,860 per ten grams, respectively, while sovereign gained Rs 50 at Rs 14,000 per piece of eight grams.
Silver ready spurted by Rs 750 to Rs 25,800 per kg and weekly-based delivery jumped by Rs 760 to Rs 25,470 per kg.
Silver coins also shot up by Rs 200 to Rs 33,400 for buying and Rs 33,500 for selling of 100 pieces.
It was on June 25, 2009 last time when gold had registered a gain of Rs 330, and on May 8, 2009 when silver had shot up by Rs 810.
News beuro,
- Last Modified: February 26, 2010
- Filed Under: Latest News, MARKETS, NATION, WORLD
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