Reduced tariff value to calculate import duty on gold and silver

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(By commercial representative) Mumbai, Ta. 28 November 2020, Saturday

The prices of both the precious metals were lower in Mumbai on Saturday in private as a result of a sharp fall in gold and silver prices over the weekend. The effective import duty on gold and silver has also come down as tariff value has been reduced to calculate import duty. Was on Saturday. World market crude oil prices were sluggish and the OPEC meeting starting on Monday is under scrutiny. Gold and silver prices in the world market have reached a five-month low.

At home, the Mumbai market was closed on Saturday. But over the weekend, prices in the world market fell. Gold was trading at Rs 2.50 per 10 grams excluding GST on Saturday. Gold was quoted at Rs 500 with a price of Rs 2.50. Prices were quoted three per cent higher with GST. Silver.2 The price of one kg was Rs. Prices were quoted three per cent higher with GST.

In the Ahmedabad market, gold fell by Rs 500 to Rs 30,100 per ten grams and Rs 30,700 per 6.50 grams. Silver.2 Rs 200 per kg fell to Rs 21,000.

The tariff value used as a benchmark to calculate the import duty on gold and silver has been reduced from ૬ 205 per 10 grams to ૫૮૨ 3 for gold and from ૭૮ 21 per kg to ૭૫૩ 5 for silver. Gold for immediate delivery fell below ડો 1,300 an ounce in the previous week. The low was seen at ૭૭૬ 15. Silver traded lower at ૨૨ 2.8, from ૨૩ 8.15, to ૫૮ 4.5. Platinum rose from ૯૬ 61 an ounce to ૯૬૮ 6, while palladium was trading at 6 an ounce. Prices are rising on the back of industrial demand.

World gold prices have declined by 5 per cent in the past week, while silver has declined by 2.50 per cent. Gold and silver prices have reached a five-month low.

The local currency market was closed for the day on Saturday, but the dollar index rose to Rs 4.15 in the private market, up from Rs 2.09. Crude oil had a sluggish environment in the world market. New York crude was at ૫૩ 4.5 a barrel, while Brent was at 4.15. The two-day meeting of OPEC, which starts on Monday, is expected to discuss production.

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