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.
Gold and jewellery establishments in many parts of the country remained closed for the 8th day Wednesday as traders continue their protest against the budgetary proposal to levy 1 percent excise duty on non-silver jewellery.
Standard gold (99.5 purity) rose by Rs 270 to finish at Rs 29,580 per 10 grams from last Friday's closing value of Rs 29,300 - its strongest close since May 12, 2014.
Gold prices reclaimed Rs 30,000-level in futures trade Tuesday as speculators widened their bets taking positive cues from the global market.
Gems and Jewellery exports declined by 14.5 percent to USD 25.95 billion during the first ten months of the current fiscal due to slowdown in global demand
A jewellers' association here today temporarily called off its strike following the Centre's assurance that it will review the Budget proposal to impose 1 per cent excise duty on gold ornaments.
Jewellers have been on a strike since March 2 protesting against the proposed excise duty imposition on non-silver jewellery items made in the Budget 2016-17 as well mandatory quoting of PAN by customers for transaction of Rs 2 lakh and above.
Gold hit its highest in more than a year on Friday, extending the previous day's 2 percent rally as oil prices declined and the dollar softened, while traders awaited a closely watched payrolls report from the United States
The government today said it will launch on Tuesday the third tranche of the gold bond scheme, through which it has raised about Rs 1,050 crore in the earlier rounds
The proposed re-imposition of 1 percent excise duty on gold and diamond jewellery and mandatory quoting of PAN by consumers for transaction of Rs 2 lakh and above has not gone down well with the traders.
Jewellers, protesting throughout the country against the government proposal to re-impose 1 per cent excise duty, have decided to extend their strike till March 7, industry body GJF said today.
Gold and jewellery establishments in many parts of the country remained closed today for the second day as traders protested against a budgetary proposal to levy 1 per cent excise duty on jewellery.