Budget 2019: Gold to be costlier with customs duty up from 10% to 12.5%, says Nirmala Sitharaman

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants. However, a weak trend overseas limited the gains in gold futures.

Union finance minister Nirmala Sitharaman said on Friday gold to become costlier with customs duty to rise from 10% to 12.5% as she presented her maiden Budget 2019 speech in Parliament.

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2019 at Lok Sabha in New Delhi on Friday.(ANI Photo)

Earlier in the day, gold prices rose 0.04% to ₹34,230 per 10 gram in futures trade.

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On the Multi Commodity Exchange, gold for delivery in August contracts traded higher by ₹13, or 0.04%, to ₹34,230 per 10 gram in a business turnover of 16,978 lots.

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants. However, a weak trend overseas limited the gains in gold futures.

Globally, the yellow metal prices fell 0.27% at $1,417.10 an ounce in New York.