Homegrown auto major Tata Motors on Tuesday said it will hike prices of its commercial vehicles range by 2-2.5 per cent, depending upon individual model and variant, from April 1. The increase in the prices of commodities, such as steel, aluminium and other precious metals -- in addition to higher costs of other raw materials -- has incited this price hike of commercial vehicles, Tata Motors said in a regulatory filing.
The ad-valorem rates of excise and customs on precious metals like gold, silver and platinum have come into effect from Tuesday, said a government notification. Diamonds, too, will now attract an import duty of 2 per cent.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
The precious metal has now lost Rs 280 in last three days.
With the addition of the seven banks - South Indian Bank, Karur Vysya, State Bank of Hyderabad, State Bank of Bikaner, State Bank of Travancore, State Bank of Mysore, and Punjab and Sind Bank - the number of banks allowed to import the precious metals now stands at 30.
Gold recorded its biggest fall of Rs 1,110 to reach 12,000 per 10 gram in late trading in the bullion market in New Delhi on Thursday on nervous selling by stockists, sparked by weakening global trend. The metal plummeted in London to $905 from its peak of $1,033 on March 17.
The bullish outlook for gold is seen as a trigger for silver to perform better going ahead.
"Demand for gold is virtually zero," said Suresh Hundia, president of the Bombay Bullion Association. "People are taking profits and selling their gold back to jewellers for 2.5-3 per cent less than international market prices."
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
old tumbled by Rs 250 to over six-week low of Rs 26,150 at the bullion market today.
Gold prices rose on the bullion market in New Delhi on Monday on emergence of buying by investors amid purchasing by stockists, as funds got diverted from falling equity markets.
Gold prices on Wednesday sky-rocketed by Rs 340 at Rs 11,510 per ten gram as investors directed their money to the precious metal after the dollar fell, sparked by Federal Reserve cutting key interest rates.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
Diversion of funds towards the surging equity weighed on the precious metal's price
Silver also extended its losing streak for the seventh straight session and declined by Rs 350 to Rs 44,200 per kg.
Precious metals closed at new historic highs at the Bullion market in Mumbai on Monday as silver zoomed by a whopping Rs 570 to end at Rs 19,890 and gold firmed up by Rs 30 to close at Rs 8,855.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
Precious metals recovered on the bullion market on revival of buying by stockists and investors amid diversion of some funds from the falling stock markets, and closed with notable gains.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
Uzbekistan lives comfortably in several centuries but is also a forward-looking nation, Deepa Gahlot discovers on a visit to this Central Asian country.
Gold is one of the most sought-after precious metals.
India on Monday announced the results for the country's first critical mineral auction. Amid the tepid response from big players, the list of successful bidders included some lesser known names. A total of five companies secured bids for six critical mineral blocks of graphite, manganese, phosphorite, lithium, and rare earth elements with auction premiums ranging from 13.05 per cent to 400 per cent.
A key reason for the rise in crypto currencies in 2023 is the possibility of the world's first Bitcoin ETF over the next few months.
Recent recovery in the white metal was reflected in a falling gold to silver price ratio.
The company, which currently sells a range of vehicles from Alto to S-Cross, said it has taken the decision to hike prices due to an increase in input costs. The weighted average price rise, with effect from April 18, in ex-showroom prices (New Delhi) across models is 1.3 per cent, it added.
Silver managed to recover some grounds.
Gold stocks in India are estimated to be over 20,000 tonnes at present.
Metal sector is not too happy from Budget announcements for the sector
India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
The precious metals had lost Rs 210 in the previous session.
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
Given the economic trends, it might make sense to allocate some savings to gold.
After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
Silver was also up by 1.63 per cent to $15.92 an ounce.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances