Improving gold-silver with increasing effective import duty
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...