New Delhi: 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 Rs300 to Rs17,010 per ten grams, silver shot up by Rs 750 to Rs25,800 per kg after Finance Minister Pranab Mukherjee announced an import duty hike of Rs 300 per ten grams on gold from Rs200 and of Rs1,500 a kg from Rs1,000 on silver.
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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% to $1,109.30 an ounce in Singapore snapping its three-day fall.
Standard gold and ornaments surged by Rs300 each to Rs17,010 and Rs16,860 per ten grams, respectively, while sovereign gained Rs50 at Rs14,000 per piece of eight grams.
Silver ready spurted by Rs750 to Rs25,800 per kg and weekly-based delivery jumped by Rs760 to Rs25,470 per kg.
Silver coins also shot up by Rs200 to Rs33,400 for buying and Rs33,500 for selling of 100 pieces.
It was on 25 June 2009 last time when gold had registered a gain of Rs330, and on 8 May, 2009 when silver had shot up by Rs810.