Improving gold-silver with increasing effective import duty

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MUMBAI: Gold and silver prices rose sharply in the Mumbai jewelery market on the first day of Navratri today. World gold prices rose by ૭૬૪ 15 to ૭૬૫ 16 an ounce to ૭૫૮ 16 an ounce.

Global silver prices also rose by ૬૬ 4.5 to ૬૭ 7.5 an ounce. As the world market rises, so does the import cost at home, and the country's jewelery market is set to go on a rampage today.

Meanwhile, there was news that the government had increased the rate of dollar exchange for importers from Rs 2.50 to Rs 2.50 with effect from October 9. As a result, market importers were expecting higher effective import duty on gold and silver imported into the country.

In the Mumbai jewelery market, gold price today was Rs 30 per 10 grams excluding GST at Rs 30, while Rs 9.50 per 10 grams was Rs 515. The price of Mumbai silver has gone up by Rs 305 per kg without GST. 613 remained.

Meanwhile, in the Ahmedabad jewelery market, gold rose by Rs 30 to Rs 200 from Rs 4.50 and Rs 200 from Rs 4.50 today. In Ahmedabad, silver rose by Rs 200 to Rs 200. The price of platinum in the world market jumped from થી 21 to ૯૯૨ 5 an ounce to ૯૮૩ 4 to જ્યારે 5 an ounce, while the price of palladium rose to ૯ 1,300 an ounce from ૮ 1,308 to ૯ 1,305 today.

With the global index of the dollar falling sharply, gold came to take funds in the world market. Copper prices rose 1.50 per cent to 1.5 per cent in global markets today, which had a positive effect on global silver prices. However crude oil prices were soft.

US crude stocks rose 5 million barrels, according to the Energy Information Administration. Gasoline stocks have also risen there. As a result, crude oil prices fell by more than half a per cent in the global market today. New York's main contract, light sweet crude for delivery in New York, fell to 2.50 a barrel and Brent crude to 70.8 a barrel.

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