The government of India recently slashed import tariffs on gold to $391 per 10 grams and silver to $551 per kg following weak global price trends. That cut was finally reflected in prices this week as both beleaguered precious metals posted strong gains for the first time in weeks.
As a result of the stronger performance, the tariff value on imported gold was fixed at $401 per 10 grams and on silver at $575 per kg, the Times of India reported.
At INR 37,348 ($609.22) per kilogram, Indian silver moved up 6.0% on Monday, November 17, the day’s biggest change. One of the day’s biggest movers was Chinese silver which rose 3.5% to close at CNY 3,525 ($573.94) per kilogram. US silver prices rose 2.6% to $16.07 per ounce. Japanese silver closed 0.9% lower at JPY 577.00 ($5.30) per 10 grams.
Indian gold bullion gained 2.6% to finish at INR 26,625 ($434.30) per 10 grams. Chinese gold bullion prices rose 2.2% to CNY 233.90 ($38.08) per gram. The price of US gold bullion nudged up 1.9% on Monday, closing at $1,184 per ounce. The price of Japanese gold bullion remained steady at JPY 4,316 ($39.64) per gram.
After a 0.8% increase, Chinese platinum bar finished the day at CNY 254.00 ($41.36) per gram. US platinum bar finished the day up 0.8% to $1,199 per ounce. At JPY 4,448 ($40.85) per gram, Japanese platinum bar fell 0.6% on Monday.
The price of Chinese palladium bar rose by 0.6% to CNY 170.00 ($27.68) per gram. Japanese palladium bar saw little change in its price on Monday at JPY 2,850 ($26.18) per gram. At $765.00 per ounce, the price of US palladium bar was essentially unchanged.