Gold Price Today: Gold Continues To Extend Gains Post Import Duty Hike

Last week in an eventful move, the government of India has raised the import duty on gold to 12.5% from 7.5%. This has been done to reduce huge shipments of gold, curb widening trade deficit and control rupee's free-fall.

As per the Reuters data, the country in May this imported imported 101 tonnes of gold as against 13 tonnes last year.

Further as per the Reuters data, on increase in the import duty, price of gold surged to over Rs. 52000 per 10 gm, its highest price since April 25.

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