Government increases import duties on Gold
Due to the steep rise in the price of gold in the international markets, the government has increased the import tariff value (tariff value) of gold by $ 31 (about Rs. 2220.61) per 10 grams. In view of the tremendous rise in the price of gold, the Central Board of Indirect Taxes and Customs has changed its import duty value this time ahead of time. This is the price on which import duty is levied on gold and silver.
It is usually reviewed on the last business day of the month and a fortnight later. On February 14, the board fixed the import duty value of gold at $ 507 per 10 grams and silver at $ 569 per kg. Today, the import duty value of gold has been increased to $ 538 per 10 grams, while there has been no change for silver.
Gold and silver prices fall for the second day
Gold and silver prices are falling for the second consecutive day. On Tuesday, while 10 grams of gold fell by Rs 845 to Rs 43,795 in Delhi’s Sarafa Bazar, it rose by Rs 620 to a record level of Rs 44,640 per 10 grams on Monday. Gold futures fell by Rs 213 to Rs 42,790 per 10 grams as traders downsized their deals amid weak trend in global markets today.
At the Multi Commodity Exchange, the June contract for gold lost Rs 213, or 0.50 per cent, to Rs 42,790 per ten grams. It had a turnover of 95 lots. Similarly, the April supply contract for gold fell by Rs 187, or 0.44 per cent, to Rs 42,601 per ten grams. It had a turnover of 2,522 lots. Globally, gold was down 0.25 per cent at $ 1,645.90 an ounce in New York.
Silver futures fell by Rs 499 to Rs 47,680 per kg on Wednesday as traders downsized their deals amid a weak global trend. At the Multi Commodity Exchange, the silver contract fell by Rs 499 or 1.04 per cent to Rs 47,680 per kg. It had a turnover of 696 lots. Similarly, the March contract for silver fell by Rs 486 or 1.02 per cent to Rs 47,081 per kg. It had a turnover of 4,468 lots. In the international market, New York silver was trading at $ 18.13 an ounce, a loss of 0.78 percent.
