Gold futures prices up 0.07% on import duty hike

Gold futures prices today moved up by 0.07 per cent to Rs 31,362 per 10 gm as speculators engaged in enlarging positions, after the government raised import duty on the precious metal to 6 per cent from 4 per cent.

Besides, a firming trend in the global markets supported the upside.

At the Multi Commodity Exchange, gold for delivery in April edged higher by Rs 11, or 0.07 per cent, to Rs 31,362 per 10 gm, with a business turnover of 388 lots.

Similarly, the precious metal for delivery in February gained Rs 9, or 0.06 per cent at Rs 30,766 per 10 gm, in a turnover of 2,460 lots.

Analysts said persistent rise in gold prices at futures trade was largely in tandem with a firming trend in the spot markets where it climbed after the government yesterday hiked import duty on gold to 6 per cent from 4 per cent, making the precious metal costlier.

At the spot market in the national capital, gold prices went up by a whopping Rs 315 to Rs 31,250 per 10 gm yesterday.

The government raised the import duty on gold and platinum to 6 per cent from 4 per cent, a move aimed at curbing import of the precious metals and check widening

current account deficit.

Globally, gold rose by 0.21 per cent to USD 1,693.70 an ounce in Singapore today.

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