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Mumbai: Precious metals declined in global markets after the US Federal Reserve indicated to keep interest rates high. On the other hand, the fund house is eyeing the debt ceiling meeting. The fall in the global markets had an impact on the domestic market and gold and silver softened.
Silver slipped within Rs.72000. The tariff value used as a benchmark for levying duty on gold and silver imported into the country has been changed. Crude oil prices held steady on reports of US buying crude oil to boost strategic reserves. The dollar weakened against the rupee.
There was a huge decline in gold and silver at the domestic level as compared to the world market. In Mumbai’s jewelery market, the price of 99.90 ten grams of gold fell to Rs 61,066 without GST. The price of 99.50 was Rs 60821 per ten grams. With GST, the prices were increased by three per cent. Silver at Rs.999 per kg without GST declined from Rs.72455 on Monday to Rs.71930.
In the Ahmedabad market, gold at Rs 99.90 per ten gram closed at Rs 63,000 while gold at Rs 99.50 per ten gram closed at Rs 62,800. Silver used to be Rs.72500 per kg at Rs.999. The government has changed the tariff value used as a benchmark for levying import duty on gold and silver imported into the country. Accordingly, the tariff value for gold, which was earlier $639 per ten grams, has been increased to $650, while the tariff value for silver, which was $815 per kilogram, has been reduced to $773.
Late evening gold was at $2004 an ounce while silver was at $23.81 an ounce. Nymax crude oil was at $71 per barrel while ICE Brent crude oil was at $75.13 per barrel.
In global currencies, the dollar depreciated by 10 paise to Rs 82.21, while the pound gained 28 paise to Rs 103.10, while the euro advanced by 15 paise to Rs 89.61. The dollar index was marginally lower at 102.39.
