Yesterday, the gold felt pressure after US economy showed the signs of recovery and dollar strengthened against other major currencies.
Finance Minister, Pranab Mukherjee in his budget presentation yesterday has doubled the import duty on standard gold from 2 to 4% and for non-standard gold from 5% to 10%. Unbranded gold jewellery will have 1% excise duty on it.
However, gold's cousin silver was excluded from the excise duty. Silver for May delivery on MCX was trading at Rs 57,231 per kgs down Rs 23.