Gold worth Rs. 51000 level: Weakness in dollar

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(By commerce representative) MUMBAI: Prices of both the precious metals rose on the back of gains in gold and silver in the global market. In the Ahmedabad market, gold had crossed the level of Rs 21,000. The government has announced an increase in the tariff value used as a benchmark for calculating import duty on gold and silver, and an increase in the effective import duty is being considered. World markets saw a modest improvement in crude oil prices.

In the Mumbai local gold and silver market, the price of gold at Rs 9.50 per 10 grams, excluding GST, which had closed at Rs 215 yesterday, has risen to Rs 5 today. Prices with GST were quoted three per cent higher. Gold, which was closing at Rs 61 yesterday, rose to Rs 5 today. Prices with GST were set at three per cent higher. Silver.

In the Ahmedabad market, gold was trading at Rs 30,600 per ten grams, while gold was trading at Rs 31,100 per 10 grams, crossing the level of Rs 21,000. Silver.2 The price of a kilo was quoted at Rs.500.

The tariff value used as a benchmark for calculating import duty on gold has been increased from પહેલા 21 per ten grams to ૫૯૯ 3. For silver, the tariff value has been increased from à«­à«­à«­ 3 per kg to 305.

World gold was trading at ૮૭૨ 18 an ounce and silver at ૨૫ 6.5 an ounce. Platinum was quoted at 1,100, while palladium was quoted at ૬૫ 215 an ounce.

In crude oil, Nymex was trading at ૮ 61.60 a barrel, while Brent was trading at ૭૯ 4.5 a barrel. Concerns over declining inventories led to a sharp rise in prices.

However, the increase was limited by the resurgence of corona cases in Europe. If the cold snap continues and OPEC does not increase production, prices are still expected to rise. At home, the dollar was down 11 paise at Rs 6.5.

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