1 min read.Updated: 04 Jul 2022, 09:34 AM ISTLivemint
The Indian government has raised basic import duty on gold to 12.5% from 7.5% to bring down the trade deficit
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Gold prices today extended gains in India, with the yellow metal rising to 2-month highs. On MCX, gold futures were up 0.4% to ₹52,117 per 10 gram. On Friday, gold prices in India had surged nearly 3% or ₹1,500 per 10 gram after government in a sudden move hiked import duty on the precious metal. The government raised basic import duty on gold to 12.5% from 7.5% to dampen demand and bring down the trade deficit. India imports most of its gold requirement.
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