Ahmedabad silver broke Rs 800 behind the world market

(By commercial representative) Mumbai, Ta. 16 July 2020, Thursday

At the back of the global market, gold prices were seen stabilizing, while silver prices fell sharply on the back of a lucrative sell-off. Ahmedabad silver fell by Rs 500. The Government of India has drastically increased the tariff value used as a benchmark for levying import duty on gold and silver.

The decision by OPEC countries to ease cuts in crude oil production pushed up crude oil prices. The dollar recovered modestly while the euro and pound weakened against the rupee.

Silver in the domestic market in the Mumbai market. The price of a kilogram excluding GST, which was Rs 215 yesterday, was closing at Rs 305 today. The GST-free price of 10 grams of gold, which was Rs 305 yesterday, closed at Rs 4,150 today and finally closed at Rs 4,050. Gold was trading at Rs 815, up from Rs 30, to close at Rs 5. Prices with GST were quoted three per cent higher.

In the Ahmedabad jewelery market, silver fell by Rs 200 to Rs 500 per kg. Gold was priced at Rs 30,700 per ten grams at Rs 2.50 and Rs 30,600 per 7.50. The Government of India has drastically increased the tariff value used as a benchmark for levying import duty on gold and silver. The tariff value on gold has been increased from ૫૭ 50 per 10 grams to ડો 30, while the tariff value on silver has been increased from ૫૭૭ 8 per kg to ૬ 305.

Globally, gold was trading at ૮ 1,305 an ounce, down from ૮ 1,305 an ounce, while silver was trading at ૯ 16.8 an ounce, down from ૯ 12.5 an ounce. Platinum was trading at ૮૩ 20, up from 6, while palladium was trading at ૯૭૮ 15 per barrel, up from ૯૬૬ 15.

At the Interbank Foreign Exchange (IFEX) market, the dollar rose by 8 paise to close at Rs 6.15 against the dollar in intra-day trade. The euro was down 21 paise at Rs 2.7 while the pound was down 3 paise at Rs 4.5. New York's main contract, light sweet crude for delivery in New York, was at ૮ 70.60 a barrel and Brent crude was trading at 4.50 a barrel.