look news india
Mumbai: It was reported that the government has increased the tariff value used as the benchmark for calculating import duty on gold imported into the country and this has led to a corresponding increase in the effective import duty of the precious metal, market sources said. . The tariff value of gold has been increased from $696 per 10 grams to $706 in dollar terms, while the tariff value of silver has been reduced from $809 to $794 per kilogram. Behind these news, the market was anticipating further rise in gold price.
Due to Saturday, the bullion market in Mumbai's jewelery market was officially closed today. At the close, gold prices were showing a slow decline from highs while silver prices were higher. At the end of the week, the price of gold in the world market was reported to be from 2231 to 2232 to 2229 to 2230 dollars per ounce.
Global silver prices rose from $25.01 to $25.02 an ounce and finally touched $24.96 to $24.97. Meanwhile, silver prices rose by Rs 500 per kg to Rs 76,000 in Ahmedabad jewelery market today. While in Ahmedabad, gold prices stood at Rs 70,300 at 99.50 per 10 grams and Rs 70,500 at 99.90 per gram. The bullishness of gold in Ahmedabad was losing momentum as soon as it broke.
Meanwhile, platinum price in the world market was last at $911 to $912 an ounce and palladium was at $1016 to $1017. Global copper prices were last up 0.17 per cent. Meanwhile, in the country's jewelery market, gold prices have increased by Rs 8500 per 10 grams on an annual basis in the financial year 2023-24, while silver prices have increased by Rs 3000 per kg, market sources said.
In Mumbai bullion market today, gold prices fell by Rs 50 to Rs 67,950 from Rs 99.50 and Rs 99.90 from Rs 68,200 without GST, while silver prices in Mumbai rose by Rs 25 to Rs 74,600 (without GST). Meanwhile, the dollar traded at Rs 83.37 to Rs 83.38 in the Mumbai currency market today.
The rise in domestic gold prices in March was the biggest monthly increase in the last three years. Meanwhile, ANZ analysts were predicting the possibility of global gold prices reaching a high of $2300 per ounce by the end of this year in the global market. Meanwhile, crude oil prices remain strong in the global market.
In the global market, Brent crude oil prices were last at a high of $87.07 to $87.00 while US crude oil prices were at a high of $83.21 to $83.17. Crude stocks increased in America and the market is now eyeing the OPEC organization meeting in the coming week.