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Accepting of recommendations of a panel, the Finance Ministry on Wednesday said no excise audit will be carried out, for the first two years, for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).

 
 
Spot gold was up 0.1 per cent at $1,351.49 an ounce by 0052 GMT. The precious metal touched a peak of $1,357.60 an ounce Monday, less than $1 below last month's high.
British bank Standard Chartered said the gold rally has lost its momentum and it would be difficult for the metal to float above $1,300 an ounce.
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