economy

At present, partial or advance withdrawal claims of up to Rs 5 lakh are settled through auto mode, and the deadline for the auto-settlement mode is three days from filing the claim

They opine that higher duties may encourage organised gold recycling, strengthen domestic circular gold economy, as a substantial portion of demand is already met through exchange and reuse of old gold

While a weak rupee also inflated precious metal prices, traders say the actual impact of the higher levy would play out over the coming days once the increased duty begins reflecting in purchase bills

Forex traders said possible RBI intervention and duty-led compression of gold imports helped moderate further weakness for USD/INR pair, but rupee was pressured by crude trajectory and West Asia situation

Import tariffs on the two precious metals increased to 15 per cent from 6 per cent as govt looks to curb non-essential imports and conserve foreign exchange reserves strained by higher oil, fertiliser purchases

The contracts involve the construction of one 380 kV substation and two 132 kV substations.

Under the revised rates, the MSP for common grade paddy has been increased from Rs 2,369 to Rs 2,441 per quintal, while the MSP for A-grade paddy has been raised by the same margin to Rs 2,461 per quintal for the 2026-27 kharif marketing season, which typically begins in September and October.

The impact was immediate: 24-carat gold soared by ₹9,338 to reach ₹16,285.8 per gram, while 22-carat gold rose to ₹14,917.793 per gram.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that the markets had previously been banking on a swift resolution to the geopolitical crisis and a subsequent dip in oil costs.

Forex traders said investor sentiment remained fragile amid fears that the prolonged 10-week conflict in West Asia could further disrupt global energy supplies and intensify pressure on crude oil prices.

The broader market mood remained weak throughout the session as investors reacted nervously to escalating tensions in the Middle East, a sharply weakening rupee, and concerns over inflationary pressures caused by surging global oil prices.

The strong rise in precious metal prices was largely driven by the rupee’s steep decline against the US dollar and continued investor caution amid escalating geopolitical tensions in West Asia.