Gold jumps Rs 1,088 amid import duty hike

New Delhi: Gold in the national capital on Friday rose by Rs 1,088 to Rs 51,458 per 10 grams, according to securities. In the previous trade, the precious metal finished at Rs 50,370 per 10 grams.

Silver, however, fell by Rs 411 to Rs 58,159 per kg from Rs 58,570 per kg in the previous trade.

“Spot gold prices for 24-carat gold in Delhi surged by Rs 1,088 after India raised import duty on gold by 5 per cent,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

In the international market, gold was quoting lower at USD 1,794 per ounce and silver was flat at USD 19.76 per ounce.