HindustanTimes Fri,31 Oct 2014

Gold futures rise over 2% after import duty unchanged

Reuters  Mumbai, July 10, 2014
First Published: 14:00 IST(10/7/2014) | Last Updated: 15:02 IST(10/7/2014)

India's most-traded August gold contract extended its gains to as much as 2.2 percent on Thursday after the federal government kept gold import duty unchanged at a record 10% in the budget.

Gold for August delivery on the Multi Commodity Exchange rose to as much as 28,225 rupees, up 2.2%. The contract traded at 28,040 rupees at 0751 GMT.

Industry officials were expecting a reduction in import duty to arrest a rise in smuggling of the precious metal since last year.

India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion, its second-biggest import after oil.

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