Jaitley on Monday rejected demands for rollback of the 1% excise duty.
Most jewellery shops and establishments in the country are shut since March 2.
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
Globally, gold declined from the highest level.
'The government can increase import duty on gold by 1 per cent, instead of imposing excise duty.'
The rupee has been witnessing an unprecedented plunge in its value as it dropped to an all-time intra-day low of 68.75.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
'Every single Indian dish is a jewel.'
Work in mandis across UP and in northern India which till Tuesday, witnessed heavy arrivals of newly harvested paddy, saw a steep decline.
Get set to burrrrrrp! Presenting the real taste of India!
The city is waging a war against garbage, says Anjuli Bhargava.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
'Make cash available now, don't put people into suffering.' 'You should not come to a situation where the operation was successful and the patient is dying.' 'What did not happen in India for several years, you cannot do in 50 days.' 'This is agony and pain.'
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