Wednesday , July 24 2024

Gold and silver prices rise despite government cutting tariff values

Mumbai: Bullion market was officially closed today due to Saturday in Mumbai's jewellery market. However, there were signs of increase in gold and silver prices in the closed market. Precious metals showed strength due to world market news. Meanwhile, instructions were received from Delhi that the government has significantly reduced the tariff value used as a benchmark for calculating import duty on gold and silver imported into the country. Market experts said that as a result, the effective import duty on gold and silver has come down to this extent.

The government has reduced the tariff value of gold by $10 per gram from $756 to $744 per gram, while the tariff value of silver has been reduced from $1012 to $945 per kilogram.

Meanwhile, global gold prices touched an all-time high of 2330 to 2336 with guidance of $2333 to $2334 per ounce at the end of the week. Silver prices in the global market also rose from 29.22 to $29.83 per ounce and finally settled at $29.55 to $29.56.

In the domestic market today, gold prices in Ahmedabad market rose by Rs 50 per 10 grams from 99.50 to Rs 74100 and from 99.90 to Rs 74300. The price of silver in Ahmedabad remained at Rs 9000 per kg. The price of platinum in the world market was $ 962. While the price of palladium was $ 895.

Copper prices were last down 0.11 per cent. Meanwhile, global crude oil prices were trading lower at $77.73 per barrel against $78.45 per barrel. Brent prices were indicated to be in the range of $81.92 to $82.62. The US dollar was trading at Rs 83.53 against the rupee at the close of trading at Rs 83.56.

Today in Mumbai Bullion Market, Gold prices stood at Rs 71,645 at 99.50 and Rs 71,578 without GST and Rs 71,945 at 99.90 and Rs 71,866 while Silver prices in Mumbai stood at Rs 87,833 and Rs 88,400 without GST.