Gold prices rose on Monday by Rs 225 to Rs 33,100 per 10 gram at the bullion market in Delhi amid positive trend overseas and a jump in demand from domestic jewellers, news agency PTI reported citing the All India Sarafa Association. The gold of 99.9 per cent and 99.5 per cent purities rose by Rs 225 each to Rs 33,100 and Rs 32,950 per 10 gram, respectively, report added.
Support from local jewellers amid weaker rupee and strong trend overseas led to boost in prices of gold, traders told PTI. The gold traded higher at $1,290.22 an ounce and silver surged to $15.73 an ounce in New York.
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In November last year, the government had said that it would soon bring out an integrated gold policy and set up a domestic gold council to promote growth in the sector, Commerce Minister Suresh Prabhu said.
Suresh Prabhu had said the government is also looking at the industry’s demand for cutting import duty on gold to four per cent from the current 10 per cent. “This is one of the important issues for the industry that is export-oriented. If you have import duties, the working capital gets blocked up. So, we are already working on that.
Meanwhile, the benchmark BSE Sensex ended over 150 points lower Monday as foreign investors cut down bets on disappointing IIP data and weak trend in other Asian markets. After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60.
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Source: Financial Express