Bullion in precious metals at home: Silver Rs 65,000

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(By commercial representative) Mumbai, Ta. 16 December 2020, Wednesday

Gold and silver also witnessed a rally in the domestic market following the rise in precious metal prices in the global market. The government has also announced an increase in the tariff value for calculating the import duty on gold and silver. Silver crossed Rs 5,000. The pound rallied in the local currency market while the dollar weakened. Crude oil prices remained stable.

At home, gold in the Mumbai market rose from Rs 305 to Rs 81 per 10 grams, excluding GST. The price of 2.50 was quoted at Rs. Prices with GST remained three per cent higher. Silver. The price of one kg jumped from Rs. 2150 to close at Rs. Prices with GST were quoted three per cent higher.

Ahmedabad gold rose by Rs 200 to Rs 21,600 per ten grams at Rs 9.30 and Rs 21,600 to Rs 9.50 per ten grams. Silver was being increased by Rs 1,200 per kg to Rs 2,000. The government has announced an increase in the tariff value used as a benchmark for calculating duty on gold and silver imports. The tariff value of silver has been increased from ૭૫૩ 3 per kg to ૭૬૯ 3 while the tariff value of gold for ten grams has been increased from ૫૮૨ 3 to ૫૮૯ 3.

Gold for immediate delivery rose by ૮૪૫ 15 an ounce to ડો 120 an ounce and silver by 2.81 an ounce to ૨૫ 6.15 an ounce late in the day. Platinum rose from ૨ 1,071 to ૪૭ 105, while palladium rose from ૨૩૨૭ 6 an ounce to ૨૩૩૫ 8. Corona-related stimulus in the US seems to be almost certain, with fund sources selling dollars and investing in gold, market sources said.

In the domestic currency market, the dollar was down seven paise at Rs 2.8, the euro was down 3 paise at Rs 2.50 and the pound was up 17 paise at Rs 2.7.

Crude oil prices remained stable in the world market. New York's crude oil was trading at 4.5 a barrel, while Brent crude was trading at 20.8 a barrel. In the United States, crude oil stocks have risen 20 million barrels against expectations of a 1.4 million barrel fall.

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