Gold and silver prices are bound to go up across the country with the Centre hiking the import duty on the precious metals with immediate effect.

Gold importers will now have to pay import duty at the rate of 2 per cent on the imported gold value as against the earlier flat rate of Rs.300 per ten grams. Similarly, silver importers shall have to shell down import duty at the rate of 6 per cent on the imported silver value as against the existing flat value of Rs.1500 per kg.

With the announcement of the hike on the import duty of gold and silver, shares of the jewelry companies on the bourses nose dived today with in hours.

The duty change would amount to a hike of Rs. 570 per 10 grams on gold while it would be more than Rs 3000 per kg on silver as per the present market rates. (JUBS)