Increase in effective import duty as gold-silver tariff value increases

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(By commerce representative), Mumbai, Ta. 14 November 2020, Saturday

The bullion market in the Mumbai jewelery market was closed today due to Saturday and according to market sources, New Year's Eve deals are scheduled to take place in the Mumbai market on Monday. Meanwhile, gold prices rallied in the bullion market today, while silver prices rebounded.

Meanwhile, world market news was bullish and the import cost of precious metals was soaring in the festive atmosphere at home that it was time for consumers to pay higher prices today to buy gold and silver during the festive season, market sources said.

Experts said that the effective import duty on gold and silver has increased as the government has increased the tariff value used as a benchmark to calculate the import duty on gold and silver imported during the festive season. The central government has hiked the tariff value of gold from ૬ 205 per 10 grams to ૬ 303, while the tariff value of silver has been increased from ૭૭૨ 5 to ૭૮ 21 per kg.

Meanwhile, in the Mumbai Bullion Market today, the price of 10 grams of gold, excluding GST, was quoted at Rs 30,900, up from Rs 30,8 per ounce, while the price of 8.50 was quoted at Rs 21,050, up from Rs 30,8. Prices with GST, on the other hand, were three per cent higher than this.

In the Mumbai silver market, the price of 1 kg today was quoted at Rs 2,500, excluding GST of Rs 4, while prices with GST were three per cent higher. In the Ahmedabad jewelery market, gold rose by Rs 200 to Rs 3,400 from Rs 2.50 and Rs 3,500 from Rs 4.50, while Ahmedabad silver rose by Rs 200 to Rs 2,000 today.

Meanwhile, gold in global markets rose by ૮૮૭ 15 an ounce to ૮૯ 120 an ounce, while silver rose by લર 4.5 an ounce to ૨૪ 2.8 an ounce. Meanwhile, in the Mumbai currency market today, the dollar depreciated from Rs 6.71 to Rs 4.5 against the rupee, market analysts said.

Investors boosted gold sales from global gold ETFs, with an outflow of about 12 tonnes of gold from such ETFs on a weekly basis, breaking a six-month record, world market sources said.


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