The strike by a large number of jewellers and bullion traders continued for the 21st day today to protest against the Budget proposal to impose 1 per cent excise duty on non-silver jewellery, despite the government constituting a panel to look into their demand.
At the Multi Commodity Exchange, gold for delivery in April shed Rs 43, or 0.15 percent, to Rs 28,898 percent 10 grams, in a business turnover of 888 lots.
Gold prices declined by Rs 84 to Rs 29,325 per 10 grams due to speculative selling after weak global cues.
A section of jewellers and bullion traders continued their strike for the 20th day here Monday, demanding rollback of the proposed 1 percent excise duty on non-silver jewellery, even as major associations called off the stir after meeting Finance Minister Arun Jaitley.
Spot gold eased on Monday, but found support from a weaker dollar as US and European central bank rhetoric turns more dovish, investors will search for further hints of easing in a week with few data releases to indicate whether years of loose monetary policy are having any material effect.
After continuing for 18 days, jewellers have finally called off their strike after the government assured them they will not be harasssed by the excise department in collecting a new tax
Gold traders and jewellers, whose pan-India strike continued for the 17th day on Friday, said they would not call off their indefinite strike till the government rolls back one per cent excise duty, but expressed willingness to pay tax in some other form.
In comparison to the second tranche, the third tranche of sovereign gold bond (SGB) scheme has received a very silent response
In a bid to calm the frayed nerves of jewellers agitating against imposition of 1 percent excise duty, the finance ministry today said artisans and job workers will not have to pay this levy.
The 200-year-old Shree Siddhivinayak temple in Mumbai has said it will deposit a portion of its gold hoard with a bank by the end of the month for recycling, responding to a government campaign to monetise some of the country`s thousands of tonnes of privately owned stocks of gold and cut costly imports
Gold traders and jewellers continued their strike for the 17th day on Friday, in protest against the proposed one per cent excise duty on non-silver jewellery.
Gold edged up on Friday with the market on track to end the week on a firmer note as the dollar hovered near its lowest in five months, pressured by the Federal Reserve`s plan to make fewer-than-expected interest rate hikes
Gold and jewellery establishments across the country remained closed for the 15th day today as traders are protesting the Budget proposal to levy 1 percent excise duty on non-silver jewellery
Standard gold (99.5 purity) dipped by Rs 320 to end at Rs 28,765 per 10 grams from Monday's level of Rs 29,085.
Jewellers have been on a strike since March 2 protesting against the proposed excise duty imposition on non-silver jewellery items.
Gujarat MP and Union Minister Mohan Kundariya today said he will take up with Prime Minister Narendra Modi the excise duty issue raised by striking jewellers in an effort to resolve the matter.
The strike by jewellers and bullion traders continued for a 11th straight day Saturday demanding withdrawal of the proposed excise duty on non-silver jewellery items.
Gold traders all over the country may be on strike against imposition of 1 percent excise duty in the recently tabled budget, the government is not stressed big time as the protest is helping it to observe a sharp cut in imports of the yellow metal in March from a year earlier
Gold prices drifted further to close below the significant milestone mark of Rs 29,000 as intense selling continued for a second straight day at the domestic bullion market here Thursday.
Jewellers across the country have been in protest mode since March 2 against the proposed levy on non-silver jewellery items announced in the Budget 2016-17 and mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above.