Reduction in tariff value for calculation of import duty on gold and silver

(By commercial representative) Mumbai, Ta. 30 October 2020, Friday

Mumbai Gold and Silver Market and Currency Market were closed today on the occasion of Eid. However, behind the world market, gold prices remained soft in the Mumbai market while silver prices were higher. The dollar was strengthening in the currency market in private. The government today announced a reduction in the tariff value used as a benchmark for calculating import duty on gold and silver. Crude prices were expected to stabilize at a low.

In the closed market in Mumbai, the price of gold at 2.50 per ten grams excluding GST was ખાન 30,600 in private with 303. Gold was quoted at ૯ 5,050 with a price of ૯૯ 6.50. Prices with GST were quoted three per cent higher. The price of silver was Rs 30,200 per kg. Prices with GST were quoted three per cent higher.

In Ahmedabad, the official price of gold fell by Rs 100 to Rs 200 per ten grams at Rs 2.50 and Rs 200 per gram. Silver.2 The price of one kg was Rs. The government today announced a reduction in the tariff value for calculating duty on gold and silver imports. The tariff value of gold has been reduced from ૬ 215 per 10 grams to 305 while silver has been reduced from ૭૮ 50 per kg to ૭૭૨ 8.

In the world market, the price of an ounce of gold was ૮૭૬ 15 to 15. Silver was trading at ૪૭ 4.5 an ounce, up from 4.5. Platinum was trading at ૮૬૨ 6, while palladium was trading at 500 an ounce.

The local currency market was officially closed. But in private, the dollar was trading at Rs 6.5 to Rs 7.50. World crude oil prices are currently set to stabilize at a five-month low. Crude oil prices fell 10 per cent in October, the biggest monthly decline in seven months. New York crude was trading at ૯ 4.05 a barrel and Brent at 4.5.