Increased tariff value of gold and silver

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(By commercial representative) Mumbai, Ta. 16 October 2020, Friday

The back of the world market saw a surge in gold and silver prices. The impact of uncertainty on the issue of stimuli in the US is being felt on the price of precious metals globally. As the Government of India raises the tariff value of gold and silver, the import cost of both the metals will increase. The rupee strengthened against major currencies in the domestic currency market. Crude oil continued to soften.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 3,050 yesterday, has gone up to Rs 30,601 today. Gold was trading at Rs 30,605 with a price of Rs 305. Prices with GST were quoted three per cent higher. Silver. The price of one kg was Rs. 513 with Rs. Prices with GST were quoted three per cent higher.

Ahmedabad silver rose by Rs 1,000 per kg to Rs 31,200. Gold rose by Rs 500 to Rs 200 at Rs 2.50 and Rs 200 to Rs 7.50. India will increase the cost of imports as the Government of India increases the tariff value used as a benchmark for calculating import duty on gold and silver. The tariff value of gold has been increased from ૬ 205 per ten grams to ૬ 215 while the tariff value of silver has been increased from ૭૬૮ 8 per kg to ડો 50.

The price of an ounce of gold in the world market was ૯ 1,318 per ounce of ૮૯૫ 15 and à«­à«© 2.50 an ounce of silver was બોલા 2.50. Among other precious metals, platinum was quoted at ૮૪૬ 6, up from 6, while palladium was quoted at ડો 21 an ounce, up from 21. In the US, the number of jobless new figures has reached 4.5 lakh, a two-month high.

The rupee strengthened against major currencies in the Mumbai currency market. The dollar was down five paise at Rs 2.3, the pound was down 9 paise at Rs 2.3 and the euro was down 3 paise at Rs 2.50.

Crude oil continued to soften on the back of sluggish global demand. New York crude was trading at à«« 70.81 a barrel, while Brent was trading at 4.5.


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