Tariff price of gold reduced by $ 22 and silver by $ 53: Slump in import duty

Mumbai: Gold and silver prices again rose in Mumbai's jewelery market today. However, world market news showed biased fluctuations. Global gold prices were hit as US interest rate cut was delayed, global dollar index and bond yields rose.

Meanwhile, there have been signs of reduction in the effective import duty determination of imported precious metals following the government's significant cut in the tariff values ​​used as benchmarks for calculating the import cost of gold and silver imported into India.

Meanwhile, in dollar terms, the tariff price of gold declined by $22 to $751 per 10 gram from $773, while the tariff price of silver declined by $53 to $886 per kg from $939, market insiders said. Meanwhile, in the global market, gold prices touched a high of $2326 and a low of $2295-2298-2299. Global silver prices were in the range of $26.82 to $26.82 and $26.14 to $26.21 an ounce.

Meanwhile, in the domestic market, gold fell by Rs 200 per 10 grams today to Rs 73100 from Rs 99.50 and Rs 73300 to Rs 99.90 in the jewelery market in Ahmedabad today. US crude oil prices fell from $80.38 per barrel to $79.02 to $79.74. Brent crude prices ranged from $83.51 to $84.27, hitting a low of $84.90. Global copper prices fell by 1.22 percent today. Global platinum prices today stood at $954 while palladium prices stood at $935.

Platinum is today valued more than palladium. In Mumbai bullion market today, gold prices rose by Rs 71,000 to Rs 99.50 from Rs 71,383 to close at Rs 71,041 without GST. While the price of 99.90 was Rs 71250, it opened at Rs 71670 and remained at Rs 71327. Mumbai silver prices today rose from Rs 80,119 to Rs 79,719 without GST.