Continuing its rally in the international market, gold prices touched a lifetime high of Rs 59,600 per 10 grams in the domestic market. The Union Budget increased the duty on articles made from precious metals – gold, silver and platinum – to enhance the duty differential.
According to analysts, gold prices are expected to hit the Rs 60,000-mark anytime soon. At present, gold demand has sustained headwinds of high prices thanks to several wedding muhurats.
Silver price stood at Rs 69,500 per kg in the domestic market on Wednesday. A duty hike on silver imports is expected to push prices up in days to come.