Reduction in gold due to reduction in budget duty: Silver bounces to Rs 73000

(Gujarat News Office) Mumbai, Ta. 01 February 2021, Monday

Silver prices rose sharply in the Mumbai jewelery market today. While gold prices remained soft. Silver prices in the world market jumped to close at ડો 60 an ounce, setting a new record after 2014. Meanwhile, in the budget presented in India today, the import duty on gold and silver has come down to 18.50 per cent from 19.50 per cent, but the overall duty burden has come down to 2.5 per cent with agri-infra cess of 2.5 per cent, market analysts said.

Meanwhile, the finance minister has reduced the import duty on gold dome bars from 11.5 per cent to 8.50 per cent, while Silver Dot has reduced the import duty on bars from 11 per cent to 8.10 per cent. However, two and a half per cent agri infra cess has been imposed on Dore Bars for these two precious metals. Experts were counting on a reduction in gold and silver smuggling in the country as import duty on India has come down. Meanwhile, there was news of rising prices in the world market today as import duty on India came down.

Gold prices in the world market today rose from ૮૪૮ 16 an ounce to ૮૬૭ 16 an ounce. Silver, on the other hand, jumped from ૯૮ 7.5 to ૯૯ 7.5 an ounce to ડો 2.50 to ૮ 2.50 an ounce. There was talk of a sudden increase in the demand for coins and bars in the world market for silver.

Meanwhile, in the Ahmedabad jewelery market, silver prices jumped by Rs 200 per kg to Rs 2,000 today, while Ahmedabad gold prices fell by Rs 200 per 10 grams to Rs 30,700 from Rs 3.50 and Rs 30,700 from Rs 4.50. Gold prices fell as duty fell. Meanwhile, silver prices in the Mumbai market today rose to Rs 305 per kg excluding GST, while gold prices fell to Rs 8.30 per kg excluding GST.

While prices including GST were 3 per cent higher than this. Platinum rose by ૧ 1,100 an ounce to રૂ 115 to ૨૫ 115 an ounce in the world market today, while palladium was quoted at વધી 6 to ૨૨૮૫ 7 an ounce. In the Mumbai currency market, the dollar rose by 3 paise to Rs 4.05 today. The rupee had weakened against the dollar in early trade today despite a sharp rise in the stock market.

Meanwhile, the British pound rose 3 paise to Rs 100.5 to Rs 100.5 today. The euro was down 11 paise at 6.5 to 7.5. In the global market, crude oil prices rose by 1.5 per cent to 4.5 to ૭૫ 6.5 a barrel and Brent crude to ૭૮ 4.5 a barrel in the evening trade. Global crude oil prices are expected to rise to ૬૫ 6 in the first six months of this year amid short supply, according to Goldman Sachs.