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Govt. Changes Import Duties Of Gold And Silver

The Government has changed the import duty on both gold and silver. Silver import duty decreased a 6% from its previous value, Rs 1,500 per kilogram and import duty on gold altered a 2% value from its earlier Rs 300 per 10 grams.

Gold and Silver import duties changed

Gold and Silver import duties changed

This announcement has brought a lot of changes in the market for price forecasting of precious metals. The brokerage cut its price forecast for gold down to $1,755 from $1,850 per ounce. Credit Suisse lowered its price forecast for silver to $32.80 per ounce from $33.70.

Due to a sharp jump in the imports of petroleum, gold and silver, machinery and electronics imports during the rose to $37.8  billion with an increase of 19.8%. Imports saw a growth of 30.5% to $350.9 billion, in the first three quarters. After China announced better economic growth in the last quarter of 2011, spot gold and spot silver rose 1.5% and 2% respectively.

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