India increased its import duty on gold by a third to 8 percent on Wednesday after gold imports hit 162 tons in May - twice the monthly average of 2011 when they reached a record, WTI Crude Rises for Second Day as U.S. Stockpiles Decline.

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MCX GOLD October contract was trading at Rs 27026 down Rs 5, or 0.02 percent. The GOLD rate touched an intraday high of Rs 27105 and an intraday low of Rs 27000. So far 379 contracts have been traded. GOLD prices have moved down Rs 4824, or 15.15 percent in the October series so far.

Market analysts suggested trading range of gold for the day as 26934-27292. Precious metals like gold, silver are highly price volatile. Therefore often traders fear to trade in these commodities as risk is high.