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No impact on gold market; platinum prices may fall
Our Bureau
Mumbai
,
July 8
THE entire bullion trade is totally disappointed with the General Budget 2004-05 announced on Thursday.
``Traders were expecting some major changes in the Budget such as re-export of gold and all India hallmarking system,'' Mr Suresh Hundia, President of the Bombay Bullion Association, said.
The Finance Minister has today proposed to reduce the import duty on platinum from Rs 550 per 10 g to Rs 200.
``There will be no impact on gold prices but platinum prices will be reduced by about 300-350 per 10 g only,'' a trader said.
``Agricultural growth through diversification will increase gold demand as any increase in agriculture income will influence gold demand,'' an analyst said. The permission for bullion exports was expected in the current Budget. ``We are the largest consumer of bullion in the world. Banks today are not allowed to lend against bullion and can do so only against jewellery. Some changes were needed in the Budget,'' Mr Narendra Gupta, Chief Business Officer of the NCDEX, said.
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