Silver prices in Bangalore are cheaper than 1 litre of petrol in the Silicon city, after the latest hike in fuel prices by the Karnataka government. 1 gram of silver is the cheapest to buy and it is currently a little over Rs 91, while petrol per litre has crossed the Rs 100 mark.
Silver Prices In Bangalore, June 25:
On June 25, 1 kg of silver is down by Rs 100 to Rs 91,050, while 100 grams of silver is lower by Rs 10 to Rs 9,105.
10 grams of silver is down by Re 1 to Rs 910.50, 8 grams is down by Rs 0.80 to Rs 728.40, and 1 gram is down by Rs 0.10 to Rs 91.05.
Silver Prices In 10 Days In Bangalore:
In the past 10 days, silver prices of 1K fell most on June 22 by Rs 2,000, on June 19 by Rs 500, and on June 24 by Rs 300. Silver prices have seen massive jumps by Rs 1,500 each on June 20 and June 21.
Silver prices are struggling to hold the Rs 91,000 mark.
Silver Prices Outlook:
On silver prices performance, Chainwala said, " COMEX Silver prices closed marginally flat on Monday tracking gains in bullions and weakness in industrial metals. Crucial Chinese data released last week showed Industrial output slowed more than expected in May, while a faster decline in housing prices, moderating fixed-asset investing, and a contractionary official manufacturing PMI in the world's top consumer heightened demand concerns. Western curbs on Chinese solar exports and Chinese industry groups limiting investments into the sector amid overcapacity weighed on the demand prospects."
Petrol, and Diesel Prices In Bangalore:
Effective from June 15, petrol price is up by Rs 3.02 in Bengaluru to Rs 102.86 per litre compared to the earlier price of Rs 99.84. In the case of diesel, the price is increased by Rs 3.01 to Rs 88.94 per litre as against Rs 85.93 per litre.
The reason why the Karnataka government hiked petrol and diesel prices is due to a hike in sales tax of petroleum products by 29.84% on petrol and 18.44% on diesel, from earlier 25.92% and 14.34%.
How are fuel prices determined? At the top of the list is international crude oil prices as India has adopted daily revisions in petrol and diesel, linking it with the movement of international prices.
Second is exchange rates, with the Indian rupee's performance against other currencies especially in comparison to the dollar may play a role in the modification of fuel prices.
Thirdly which also holds an important chunk in the fuel prices is Value Added Tax (VAT) and excise duty. Unlike, VAT which is decided by the state government, the excise duty is fixed by the central government aka currently by the BJP government which is applicable across India. VAT is different for every state and hence is different in Karnataka as well.
Lastly, there are charges such as dealers' commissions, transport costs, and other subsidies.
Click it and Unblock the Notifications
Sign in with Google