Signs of GST hike in gold Ajanpo: Narrow volatility in crude

(Gujarat News Office) MUMBAI: Gold and silver prices fell and rose again in the Mumbai jewelery market today. Gold prices fell in global markets today after the global dollar index rebounded. Gold prices in the world market today were quoted at થી 150 to ૭૯ 151. Gold was followed by global silver at ૬૪ 4.5 to ૬૫ 6.5 an ounce today.

In the Ahmedabad jewelery market, silver prices fell by Rs 200 per kg and touched a high of Rs 2,000 again today. Andavad was hitting a low of Rs 900 per 10 grams and Rs 200 per head at Rs 4.50. Platinum, meanwhile, traded lower at ૯૯૯ 8,000 to ૧ 1,000 an ounce and palladium at ૮૮૪ 12-13 an ounce.

Meanwhile, gold prices in the Mumbai jewelery market today closed at Rs 5, excluding GST, from Rs 4.50 to Rs 5. While prices with GST were 3% higher. Meanwhile, the country is considering raising the GST rate on gold from 5 per cent to 5 per cent.

As a result, Ajanpo has also appeared in the jewelery market. The government is talking of imposing a 5 per cent GST on gold jewelery. If the GST is increased, official trade in gold will decline and smuggling will also increase, market analysts say. Meanwhile, silver prices in the Mumbai market today stood at Rs 305, excluding GST, while prices with GST were 5 per cent higher.

Meanwhile, crude oil prices in the world market today witnessed two-way narrow fluctuations. New York's main contract, light sweet crude, was trading at ૨ 4.50 a barrel and Brent crude was trading at ૨૭ 4.5 a barrel. In the US, crude oil stocks have risen while gasoline stocks have fallen. A meeting of OPEC crude producers and allies is scheduled for next week.

Crude oil producers have been upset over the recent release of crude oil from their reserves by the various countries and now the market players are keeping a close eye on the strategy of these producing countries at next week's meeting.