Budget 2019: Gold to be costlier with customs duty up from 10% to 12.5%, says Nirmala Sitharaman

budget

Updated: Jul 05, 2019 15:07 IST

Union finance minister Nirmala Sitharaman said on Friday gold to become costlier with customs duty to rise from 10% to 12.5% as she presented her maiden Budget 2019 speech in Parliament.

Earlier in the day, gold prices rose 0.04% to Rs 34,230 per 10 gram in futures trade.

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On the Multi Commodity Exchange, gold for delivery in August contracts traded higher by Rs 13, or 0.04%, to Rs 34,230 per 10 gram in a business turnover of 16,978 lots.

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants. However, a weak trend overseas limited the gains in gold futures.

Globally, the yellow metal prices fell 0.27% at $1,417.10 an ounce in New York.