The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance.
Hike in gold import duty to 12.5 per cent from 10 per cent could lead to problems like smuggling.
Finance Minister Nirmala Sitharaman hiked import duty on gold and other precious metals in Budget to 12.5 pc from 10 pc.
Gold futures jumped more than 2 per cent following the budget announcement to hit a record high of 35,100 rupees per 10 grams.
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