Mumbai: The BSE Sensex jumped 146.26 points to 74,705.60 in early trade on Wednesday. The NSE Nifty appreciated 56.15 points to 23,438.70.
India has raised import tariffs on gold and silver to 15% from 6% in an effort to reduce overseas purchases of precious metals and ease pressure on foreign exchange reserves. The revised structure includes a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess, significantly increasing the effective import tax burden.
Gold traded near $4,700 per ounce on Wednesday as stronger-than-expected US inflation data pressured bullion prices and reduced expectations for Federal Reserve interest rate cuts.
WTI crude futures held near $102 per barrel on Wednesday after rising for three straight sessions as ongoing Middle East tensions continued to disrupt global energy supplies.
This is a developing story…
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