Gold-silver raised: Import duty likely to be reduced in the budget

(Gujarat News Office), Mumbai, Ta. Thursday, January 28, 2021

MUMBAI: Gold and silver prices rose again today after a shock. World market news, however, was showing two-way fluctuations. Meanwhile, the rupee weakened in the currency market today on the back of a slump in the stock market. Against the dollar, the rupee jumped to the level of Rs. However, the British pound and the euro fell. Globally, the dollar index rose against a basket of various currencies.

Meanwhile, the US Federal Reserve meeting has maintained low interest rates and hinted that it will continue to buy about ૨ 150 billion a month in bonds. After hitting a high of ૮૪ 161 an ounce today, gold prices fell again to સાંજે 150 in the evening trade.

Meanwhile, the home-grown jewelery market is now keeping an eye on the budget to be unveiled on Monday. The players are keeping an eye on whether the import duty on gold and silver is reduced in the budget. Market experts were predicting that if import duty was reduced, smuggling in the country would decrease and official imports of precious metals would increase.

Meanwhile, gold prices in the Mumbai market today rose from Rs 2.50 per 10 grams excluding GST to Rs 30 and Rs 3.50 per 10 grams from Rs 5 to Rs 8 per kg while silver prices rose from Rs 30 per kg excluding GST to Rs 5 per kg. While prices with GST were three per cent higher in both the precious metals.

Meanwhile, in the Ahmedabad market, silver rose by Rs 200 to Rs 2,000 today, while gold was quoted at Rs 30,700 at Rs 2.50 and Rs 30,700 at Rs 4.50. Silver rose by 2.50 an ounce to ૩૫ 2.8 an ounce and traded at ૨ 6.31 an ounce, up from ૨ 4.81 an ounce in the previous session. The rise in the dollar index was followed by a rally in gold and silver in the global market.

In the Mumbai currency market, the dollar rose by 16 paise to close at Rs 4.05 against the rupee today, while the British pound fell by 3 paise to Rs 4.5 to Rs 7.5. The euro was down nine paise at Rs 4.5 to Rs 7.5. Japan's currency, the yen, was down 0.10 percent.

Meanwhile, global crude oil prices fell to ર્ક 2.7 a barrel in New York and 2.8 a barrel in Brent this evening. Crude oil prices softened on news of a resurgence of corona cases globally.

However, crude oil stocks in the US have declined. According to the American Petroleum Institute, the stock has fallen by 3 lakh barrels, while according to the Energy Information Administration, the stock has fallen by 3 lakh barrels. Gold prices have fallen by three per cent in the global market this month, making January 2021 the weakest month ever since 2011.