Increase in the tariff value of gold by the Government has resulted in increase in the effective import duty

Mumbai: Gold and silver prices rose again in Mumbai's jewellery market today. The news of the world market was bullish again. On the back of the world market, precious metals rose again at the domestic level. Meanwhile, news came that the government has changed the tariff value used as a benchmark for calculating import duty on precious metals imported into the country.

The government has increased the tariff value of gold from $744 to $748 per 10 grams, while the tariff value of silver has been reduced from $945 to $934 per kg.

As a result, the effective import duty on gold has increased while the effective import duty on silver has decreased. Gold prices in the world market today rose from $2326 to $2327 per ounce to $2338 to $2328 to $2329 per ounce.

Following the world market, the price of gold in the Ahmedabad jewellery market rose by Rs 250 per 10 grams to Rs 73,950 per 10 grams and Rs 74,150 per 99.90. While the price of silver in Ahmedabad was Rs 90 thousand per kg. In the Mumbai bullion market today, the price of gold without GST rose from Rs 71,375 to Rs 99.50.

While 99.90 was priced at Rs 71675 and Rs 71874. Mumbai Silver prices rose from Rs 87,500 to Rs 87,802 without GST. Global crude oil prices rose today. Brent crude price rose from $85 to $85.74 to $85.55 per barrel. US crude prices rose from $81.54 to $82.29 to $82.04.