Gold futures up on domestic policy

Government increasing import duty supported the gold trade

Gold futures for February went up 0.09% by Rs 27 at Rs 30,784 per 10 gram. Government announcing to increase import duty on gold from 4% to 6% triggered the uptrend.

Government increased the import duty on gold to curb the surging Current Account Deficit (CAD).

However experts said that the demand for gold from consumers may not go down in coming weeks.

At the Multi Commodity of Exchnage, the June contract went up 0.01% flat at 30, 760 per 10 gram.