The prices of gold and silver jumped significanlty after the government hiked import duty on gold and silver to 15% from 6% on Wednesday as a measure to curb non-essential imports and conserve foreign exchange reserves amid the Middle East conflict.
On Wednesday, gold and silver jumped over 6%, with the bullions trading above Rs 1.62 lakh (per 10 grams) and Rs 3 lakh (per kg) repectively.
The hike comes after an appeal from Prime Minister Narendra Modi to postpone gold purchases alongside unnecessary foreign travel and conserve oil in order to save foreign exchange reserves.
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