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Gold prices hiked
Posted on: 07/Jun/2013 3:26:42 PM
In the wake of the Central Government’s announcement of a hike in import duty, the price of gold went up steeply on Thursday. A gram of 22 carat gold was worth Rs. 2603 on Thursday when it was Rs. 2550 the day before.
Regional Chairman of the All India Gem and Jewellery Trade Federation N. Ananthapadmanabhan said, ‘Such measures (of hiking the duty) would further encourage smuggling of gold. Smuggled gold weighing one kg would now be cheaper by a minimum of Rs. 2 lakh. International gold rates have been stable. But the rates in the domestic market continue to surge as the rupee value is depreciating. The government should chalk out plans to provide interests on gold deposits and ban the sales of gold coins in banks.;
