Tariff value of gold fell modestly while that of silver was maintained

MUMBAI: The Finance Ministry has modestly reduced the tariff value for calculation of duty on domestically imported gold with effect from today while maintaining the tariff value for silver. On the other hand, the Mumbai jewelery market was closed today on the occasion of Saturday, but prices of precious metals were said to be moderately high in private. In the global market, gold and silver remained firmly closed at the end of the week. There was an improvement in crude oil prices. The dollar remained steady at home privately.

The tariff value per ten grams of gold for calculation of duty on import of gold has been slightly reduced from $646 to $639. The tariff value for silver has been maintained at Rs 815 per kg. A modest reduction in the effective import duty on gold may be seen.

Meanwhile, the Mumbai jewelery market was closed today on the occasion of Saturday, but due to the firm closure of Sonachandi abroad over the weekend, the prices here were said to be moderately high. The price of 99.50 ten grams of gold without GST was Rs 60110. Silver was priced at Rs 74,150 per kg without GST at 999.

In the Ahmedabad market, 99.90 gold was priced at Rs 62,300 per ten gram while 99.50 per ten gram was priced at Rs 62,100. 74200 of silver .999 per kg was spoken.

In the world market at the end of the week, gold closed at $1990 per ounce while silver closed at $25.05. Another precious metal platinum closed at $1078.31 while palladium closed at $1506.87 per ounce at the end of the week.

In global crude oil, Nymax WTI closed at $76.78 per barrel while ICE Brent crude oil closed at $80.33. Prices were supported over the weekend by the prospect of a supply pull and increased buying from China as OPEC production cuts come into effect from May 1.

The domestic money market remained closed on Saturday. In private, the dollar remained stable at 81.83 rupees.