Budget 2016: India gold futures jump as govt maintains import duty
Gold prices in India, the world's second biggest consumer, jumped 1.4 percent on Monday after Budget 2016 was unveiled
Mumbai: Gold prices in India, the world's second biggest consumer, jumped 1.4 percent on Monday after Finance Minister Arun Jaitley surprised the market by maintaining the import duty at a record level in the budget.
The market was expecting a reduction of up to four percentage points in import duty from 10 percent.
Many consumers had been delaying purchases for over a month hoping for a reduction in the duty, forcing importers to offer a record discount of up to $53 per ounce over global prices to clear inventory.
At 12:55 pm, the most active gold futures were trading 0.97 percent higher at 29,621 rupees per 10 grams, after rising to 29,750 rupees earlier in the day.
Shares of major jewellers such as Gitanjali Gems (GTGM.NS) were down 2 percent, while Titan Company (TITN.NS) fell 5 percent.
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The price of 22-carat gold in Delhi today is Rs 45,600 while 24-carat gold costs Rs 49,740 for 10 grams