Following increase in custom duty on gold to 12.5% from 10% in Union Budget 2019, gold prices spiked higher by Rs. 590 to Rs 34,800/ 10 gram in the national capital.

With the hike in customs duty on gold and other precious metals, the yellow metal is set to turn costlier in the domestic markets. As per the All India Sarafa Association, gold of 99.9% and 99.5% purity surged by Rs. 590 each to Rs 34,800 and Rs 34,630 per 10 gram, respectively.

However, the move is unlikely to cause any change in consumption of gold reiterates Vice President of All India Sarafa Association- Surendra Jain.

In the international market, amid strength in the emerging market currencies, gold stood stead and traded at $ 1,413 an ounce in New York.

Meanwhile, silver declined in price in the national capital by Rs. 80 to Rs. 38,500 per kg.

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