Mumbai, May 13 (IANS) Gold and silver prices on Wednesday witnessed a sharp surge of up to 8 per cent after the government more than doubled the import duty on precious metals.On the Multi Commodity Exchange (MCX), gold futures (June 5) advanced as much as 7.20 per cent or Rs 11,055 to touch an intraday high of Rs 1,64,497 per 10 grams as of 9:50 am.The yellow metal was trading at Rs 1,62,728, up 6 per cent or Rs 9,286 from the previous close. Earlier in the session, it had opened at Rs 1,54,851…
Latest Import Duty News & Updates
New Delhi, May 13 (IANS) The increase in import duty on precious metals is a part of a broader strategy aimed at conserving foreign exchange, protecting the current account, prioritising essential imports, and strengthening India’s economic resilience in the face of evolving global uncertainties, government sources said on Wednesday.The measure represents a balanced, proportionate, and nationally responsible response to extraordinary external conditions while maintaining due regard for macroec…