Gold futures inched up in early trade on Monday, taking support from positive global trends and amid brisk buying by jewellers in the spot market.
The government on Friday proposed to increase import duty on gold to 12.5 per cent. The yellow metal and other precious metals could get expensive in the domestic market as a result of this.
Ahead of the Budget, India's gold imports declined by 3 per cent. The duty hike came at a time when the industry was demanding a cut in the custom levy. Gold futures had hit a record high of Rs 35,100 in domestic market on Friday.
Silver, on the other hand, lost shine due to a drop in orders by industrial units and coin makers in the spot market.
Around 12:32 am, MCX Gold traded at Rs 34,751 per 10 gm, up Rs 27, while MCX Silver traded Rs 38,140 per kg, up 0.59 per cent.
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