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In its Federal Budget announced earlier today, the Indian Finance Ministry raised the import duties on gold and other precious metals to 12.5% from 10%, Reuters reports.

The  policymakers raise the import duties on the precious metals in an attempt to narrow a gaping current account deficit and arrest a decline in the Rupee.

It’s worth noting that India is the world’s second-largest gold consumer after China.

On Comex, gold futures are seen slipping towards 1415 levels amid a rebound in the US Treasury yields and dollar, as all eyes remain focused on the US payrolls data release.