In India, government increased the import duty on gold and platinum from 4 per cent to 6 per cent. Also, the government decided to provide a link between the Gold ETF (Exchange Traded Fund) and the Gold Deposit Scheme.

The move was to unfreeze or release a part of the gold physically held by mutual funds under Gold ETFs and enable them to deposit the gold with banks under the Gold Deposit Scheme.

Gold futures for February contract on the Multi Commodity Exchange were seen trading flat at Rs 30,764 per 10 grams at 2.10 pm IST.

Silver futures was trading at Rs 57,445, marginally higher by Rs 13 per kgs on the MCX.

As on January 22, gold prices for 99.9% in major cities were prevailing around Rs 31,215 in Mumbai, Rs 31,385 in Ahmadabad, Chennai spot gold was seen at Rs 31,250 per 10 grams and Delhi spot gold was also seen at Rs 31,290 per 10 grams.

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