Domestic gold futures rally on customs duty on gold

Spot gold in the international market held steady near $1,415 an ounce as investors stay away from taking fresh bets ahead of the key US employment data scheduled later in the day. There are expectations that the job data would offer more cues on US Feds stance on interest rate cut.

Anyhow, prices are on track for a seventh consecutive weekly gain with prices gained more than 2 per cent during this week.

At the same time, domestic gold futures rallied by more than 2 per cent due to an increase in customs duty on gold and precious metals in the Union Budget. The Finance Minister has proposed a hike in customs duty on gold to 12.5 per cent from the existing 10 per cent.

(The writer is Head, Commodity Research, at Geojit Financial Services. The views expressed are personal) IANS