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Gold soars by Rs 8,550, silver by Rs 20,500 after import duty hike

New Delhi, May 13 (PTI) Gold prices soared by Rs 8,550 to a little over Rs 1.65 lakh per 10 grams in the local market here on Wednesday after the government increased the import duty on precious metals to 15 per cent. Silver prices jumped by Rs 20,500 to Rs 2,97,500 per kg in Delhi markets from Rs 2,77,000 per kg (inclusive of all taxes) on the previous day, according to the All India Sarafa Association. Gold of 99.9 per cent purity increased by Rs 8,550, or over 5 per cent, to Rs 1,65,350 per 10 grams (inclusive of all

Stock markets snap four days of losses; end marginally higher

Mumbai, May 13 (PTI) Benchmark equity indices Sensex and Nifty ended marginally higher on Wednesday, snapping their four-day losing streak, as elevated crude oil prices and persistent geopolitical uncertainties restricted the upside. The 30-share BSE Sensex rose 49.74 points, or 0.07 per cent, to settle at 74,608.98. During the day, the index touched a high of 75,191.57 and a low of 74,134.48, gyrating 1,057.09 points. The 50-share NSE edged higher by 33.05 points or 0.14 per cent to end at 23,412.60. From the Sensex constituents, Asian Paints, Tata Steel, Adani Ports, Bharat Electronics, Bharti Airtel and Larsen & Toubro were

Rupee hits lowest-ever intraday level of 95.80 against US dollar

Mumbai, May 13 (PTI) The rupee touched its lowest-ever intraday level of 95.80 against the US dollar, weakening for the fourth consecutive session on Wednesday due to elevated crude oil prices and fear of a prolonged global trade disruption amid the West Asia crisis. According to forex analysts, in the backdrop of surging crude oil prices, the government’s move to raise import duties on gold and silver may not be enough to ease the overall demand for the safe-haven greenback. Effective May 13, the government raised import tariffs on gold and silver to 15 per cent from 6 per cent

Air India cuts international flights amid airspace restrictions, high fuel costs; suspends services on 6 overseas routes

New Delhi, May 13 (PTI) Air India on Wednesday announced reduction of international flights and temporary suspension of services on six routes, including Delhi-Chicago, amid airspace curbs and high jet fuel prices. The loss-making airline, which has already reduced flights on certain routes, said the latest announced rationalisation of services will be in place during the June-August period. A combination of factors, including continued airspace restrictions over certain regions and record high jet fuel prices for international operations, are significantly impacting the commercial viability of certain planned services, Air India said in a statement. The loss-making airline will be temporarily

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