Bullion markets News

Gold rose to a fresh two-and-a-half-week high on Wednesday after gaining nearly 2 percent in the previous session, as disappointing U.S. economic data reinforced expectations the U.S. Federal Reserve will keep rates on hold in September.

Bullion and jewellery traders in several parts of the country, including Delhi and Kolkata today continued their strike for the 30th day, demanding roll back of 1 percent excise duty on non-silver jewellery proposed in the Union Budget.

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.

Extending losses for the seventh straight session, gold shed another Rs 20 to close at Rs 27,750 per 10 grams in the national capital on sustained selling by stockists against easing demand from jewellers and retailers, even as the metal recovered in global markets.

Gold prices gained marginally in an otherwise lacklustre bullion market here today due to better buying interest from investors and retailers despite sluggish overseas sentiment.