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Gold maintains rising trend in futures trade on duty hike

PTI
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At the Multi Commodity Exchange, gold for delivery in April edged higher by Rs 11 or 0.07 per cent to Rs 31,362 per 10 gm with a business turnover of 388 lots.
At the Multi Commodity Exchange, gold for delivery in April edged higher by Rs 11 or 0.07 per cent to Rs 31,362 per 10 gm with a business turnover of 388 lots.

Maintaining its upward trend, gold prices rose further by Rs 54 to Rs 31,405 per 10 grams in futures trade today as speculators indulged in creating positions, driven by a firming trend in spot markets.

Gold for delivery in April contract traded Rs 54, or 0.17 per cent higher at Rs 31,405 per 10 grams in a turnover of 2,182 lots on the Multi Commodity Exchange.

Similarly, the precious metal for delivery in February also gained Rs 50, or 0.16 per cent at Rs 30,807 per 10 grams, in a turnover of 12,422 lots.

Marketmen said persistent rise in gold prices was mostly in line with a firming trend in the spot markets as landing cost would rise following a hike in import duty on the precious metal by the government.

“Wedding season demand and a hike in import duty on gold, which made the precious metal costlier in the physical market, supported the upside in prices” said Gaurav Kumar, a Delhi—based trader, adding that “prices are likely to rise further in coming days“.

At the spot market in the national capital, gold prices moved up further by Rs 40 to Rs 31,290 per 10 grams today.

The government raised the import duty on gold and platinum to 6 per cent from 4 per cent, a move aimed at curbing import of the precious metals and check widening current account deficit.

Globally, gold rose by 0.10 per cent to trade at nearly one—month high of USD 1,691.65 an ounce in London today.

(This article was published on January 22, 2013)
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Exchange Rate

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Open-Ended Mutual Funds

MCX-SX Currency Futures

NSE Currency Futures

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