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Today gold price on Multiplex Exchange (MCX) has reached a new all-time high of Rs 58,060 per 10 grams.
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Gold futures for February 2023 started rising between Finance Minister Nirmal Shapath's budget speech and till the time the Finance Minister finished his speech in Parliament.
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Geriatric market benchmarks have said that gold price has hit new high today due to increase in import duty on silver.
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In addition, the tourism department will also organize festivals and exhibitions to promote millets in the state.
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"The Government of India had increased the import duty on gold bars and gold wire to 12.5% and 11.85% at the beginning of this financial year.
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The government has also decided to increase the duty on goods made from them in the 2023 budget to widen the duty gap.
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The Budget proposal to hike import duty on silver cord, bars and articles to align with gold and platinum has gone down well among bullion market participants.
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Anuj Gupta, Vice President - Research, IFL Securities, talks about the reasons behind the all-time high in gold prices today.
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Gold prices in the domestic market are also moving up due to the hike proposal of the new Government of India (GoI).