Category Archives: precious metals

Govt cuts import tariff value of gold

http://businesstoday.intoday.in/story/gold-silver-rate-today-import-tariff-cut/1/196122.html

The government on Monday  slashed the import tariff value of gold to $421 per ten grams and that of imported silver to $709 per kg, considering the falling trend in global prices.

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

Last month, the tariff value of gold was at $459 per 10 grams and silver at $737 per kg.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).

The government has reduced the import tariff value of gold as global prices in Singapore have been volatile in the last few days. Global prices today fell by 1.4 per cent to $1,278.94 an ounce and silver by 2.8 per cent to $19.55 an ounce. A similar trend was seen in silver rates as well.

India’s gold import in the second quarter of the current fiscal is expected to more than halve to 150 tonnes, as against around 350 tonnes in the April-June period of the 2013-14 fiscal, as per the Bombay Bullion Association.

Gold in the national capital is costing around Rs 27,320 per 10 grams, while silver at Rs 42,500 per kg.

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Gold, silver sink on panic selling, global sell-off

http://economictimes.indiatimes.com/markets/commodities/gold-silver-sink-on-panic-selling-global-sell-off/articleshow/20684381.cms
By PTI | 20 Jun, 2013, 07.00PM IST
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READ MORE ON » Gold | Federal Reserve | bullion | Ben Bernanke
Gold suffered sharp losses at the domestic bullion market today due to frantic selling from stockists and investors in the wake of global commodity sell-off. Gold suffered sharp losses at the domestic bullion market today due to frantic selling from stockists and investors in the wake of global commodity sell-off.
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MUMBAI: Gold suffered sharp losses at the domestic bullion market today due to frantic selling from stockists and investors in the wake of global commodity sell-off.

Sliver also crumbled under massive speculative unwinding and closed below the key Rs 44,000 per kg mark.

Standard gold of 99.5 per cent purity slumped by Rs 765 to finish at Rs 27,160 per 10 gm from Wednesday’s closing level of Rs 27,925.

Pure gold of 99.9 per cent purity plummeted by Rs 775 to end at Rs 27,295 per 10 gm from Rs 28,070.

Silver ready (.999 fineness) tanked by Rs 1,935 to conclude at Rs 43,115 per kg as against Rs 45,050 yesterday.

Globally, the yellow metal tanked to hit a 2-1/2 years low after Federal Reserve Chairman Ben Bernanke hinted at the central bank easing its monetary stimulus measures later this year against the backdrop of strengthening US economy.

The Fed’s USD 85 billion a month bond-buying programme helped gold to rally in recent years.

In Europe, spot gold was sharply down at USD 1,302.90 an ounce in early trade and spot silver lower at USD 20.17 an ounce.

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