• Price of 22k gold increases from Rs. 14,155 per gram to Rs. 14,860 per gram
• Centre hikes import duty from 6% to 15%

Mysore/Mysuru: Customers purchasing gold, silver and platinum will have to shell out more as prices have sky-rocketed following increase in import duties by  Central Government.

The Government has increased the import duties of both gold and silver to 15 percent from 6 percent as a measure to curb rising imports of both gold and silver and to conserve foreign exchange amid mounting pressure from the West Asia crises.

Along with gold and silver, the Government has also increased the import duties on platinum to 15.4 percent from 6 percent. 

In Mysuru, 22 karat gold was priced at Rs. 14,860 per gram this morning, an increase of Rs. 705 per gram when compared to Rs. 14,155 per gram yesterday.

Meanwhile, the price of 24 karat gold has increased to Rs. 16,600 per gram from yesterday’s Rs. 15,690, an increase of Rs. 910 per gram. The silver prices went up to Rs. 2.95 lakh per kg from Rs. 2.82 lakh per kg.

Speaking to Star of Mysore this morning, T.A. Harsha Nandana Tholasi, Managing Partner, Tholasi Jewels, said, “The prices of both gold and silver has gone up as the Central Government has increased the import duties. With gold being the safe haven, the Central Banks of all countries have continued to purchase and hoard it despite rise in prices. While it is difficult to predict the fall of gold prices because of the war situation, it may see a small correction if the Central Banks opt for liquidity of gold.”

Meanwhile, it may be recalled that Prime Minister Modi on Monday had urged Indians to avoid purchasing gold for at least one year, stating that gold imports put additional pressures on India’s foreign exchange reserve during the global crisis.

Moreover, bullion markets have been reacting sharply to escalation and ceasefire setback in West Asia.