look news india
Mumbai: Gold prices rose in Mumbai's jewellery market today. Silver rose after opening with a decline. With the rise in gold prices in the world market continuing as well as the increase in domestic import cost, gold prices rose in the country's jewellery markets today. In Ahmedabad gold and silver market today, the price of gold rose by Rs 700 per 10 grams from Rs 99.50 to Rs 76,200.
However, silver prices in Ahmedabad fell by Rs 500 per kg to Rs 92500. Gold prices in the world market were directed to rise from 2419 to 2420 to 2444 to 2445 to 2430 to 2431 dollars per ounce. There was talk of increased buying of funds in gold globally amid a fall in the dollar index and bond yield. However, silver remained soft globally.
Global silver prices were lower at $30.48 to $30.51 an ounce from $30.78. Global silver, copper, crude oil, platinum and palladium prices fell amid fears of a fresh slowdown in Chinese demand. Only gold prices were seen moving higher.
Meanwhile, news came that the government has increased the tariff value used as a benchmark for gold and silver imports into India and this has led to an increase in the effective import duty on the precious metals, market insiders said. Such tariff value in terms of 10 grams of gold has been increased from $748 to $775. While such tariff value of silver has been increased from $934 to $1000 per kg.
Meanwhile, in Mumbai bullion market today, gold prices without GST rose from Rs 72,640 to Rs 99.50. The price of 99.90 was Rs 73339 with Rs 72932. Mumbai silver prices without GST stood at Rs 91835 with Rs 91802 to Rs 92014.
The price of platinum fell to $981 in the world market. The price of palladium was $936. Globally, crude oil prices fell by one and a half percent today. The price of Brent crude oil was down to $83.30 to $83.49 per barrel. The price of US crude was down to $80.22 to $80.49.