The government increased the base import price of gold, silver. details here

As per the Government notification, “Gold, in any form, in respect of which the benefit of entries at serial number 356 of Notification No. 50/2017-Customs dated 30.06.2017 is availed for 565 per 10 grams.” In addition to silver, “silver, in any form, in respect of which the benefit of entries at serial number 357 of Notification No. 50/2017-Customs dated 30.06.2017 is availed for Rs.629 per kg.” It is important to note that the tariff value is in US dollars.

Meanwhile, earlier this month, Reuters informed that palm oil import Prices are set to hit their highest level in 10 months due to a sharp correction in July and as Indonesia allows more exports of tropical oil. Four dealers told Reuters More buying by India, the world’s largest importer of vegetable oils, could support Malaysian palm oil prices, which are trading near one-year lows.

Dealers said India’s palm oil imports could rise to 700,000 to 800,000 tonnes in July, the highest since September 2021. Sandeep Bajoria, chief executive, vegetable oil brokerage and consultancy Sunwin Group, said, “Palm oil has become very attractive to Indian buyers after the recent fall in prices. Malaysian palm oil futures fell 10% on Wednesday to near one-year lows on fears of rising stockpiles and selling in the commodities, which could lead to a fall in demand in a possible global recession, said reports as Indian buyers The contract last week bought about 250,000 tonnes of palm oil for speedy shipments, but the fall in prices this week has left many buyers confused and they are waiting for prices to stabilize, said another dealer, a global trader. With the firm located in New Delhi. ,

(with inputs from Reuters)

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