Gold, silver futures rally 7 pc after govt raises import duty on bullion
NEW DELHI: (May 13) Gold prices rallied by Rs 9,723 to Rs 1.63 lakh per 10 grams in futures trade on Wednesday, while silver soared 7 per cent to approach the Rs 3 lakh per kilogram mark after the government hiked import duties on precious metals to 15 per cent.
The move is aimed at curbing precious metals imports amid a rising import bill due to the ongoing West Asia crisis.
On the Multi Commodity Exchange (MCX), gold futures for the June delivery appreciated by Rs 9,723, or 6.34 per cent, to Rs 1,63,165 per 10 grams.
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