The gold prices in India witnessed a surge after the Budget announcement to hike the customs duty on Gold import from existing 10 per cent to 12.5 per cent.
In line with the global trend, the price of gold in New Delhi jumped by Rs 930, to close at an all-time high of Rs 35,800 per 10 grams.
- Internationally, spot gold was trading at USD 1,420.80 an ounce (that is, approximately Rs 34,019 per 10 grams).
- After the Budget announcement to hike the customs duty on gold import from existing 10 per cent to 12.5 per cent, the commodity witnessed a surge.
- Gold prices have been moving up ever since concerns over US-China trade war.
- While the prices have been going up over the last couple of months, it jumped sharply in recent days.
- There is a sense in the market that if the global growth continues to remain down and trade war concerns keep lingering, the price of gold may rise further.
By: Abhinav Ranjan, Business Writer, DKODING Media