Gold inches up on MCX, silver falls

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Gold inches up on MCX, silver falls
Gold futures on Saturday increased marginally after slipping yesterday. On the Multi Commodity Exchange (MCX), gold for April delivery was trading at Rs 27,884 up Rs 33 at 3.00 pm IST.

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.

Read more about: gold, silver, futures, mcx
Story first published: Saturday, March 17, 2012, 15:30 [IST]
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