Gold is set to remain costlier in India than abroad due to the government's frequent actions to curb its import, to control the burgeoning current account deficit (CAD).
Sustained depreciation in the rupee against the dollar is also set to keep the price up here.
Despite a marginal 0.25 per cent decline in London, the price of gold in India shot up 2.3 per cent in the past week for both reasons; import duty was raised by another two percentage points.
Standard gold at Zaveri Bazaar in Mumbai had closed at Rs 27530 per 10g, a rise of Rs 630 over the past week.
Text: Business Standard