Base Import Price
Govt lowers base import price of gold by $49/10 gm, silver by $870/kg
This story was originally published at 09:02 IST on 4 February 2026
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--Govt lowers silver base import price to $2,675/kg from $3,545/kg
--Govt lowers gold base import price to $1,518/10 gm from $1,567/10 gm
MUMBAI – The government has lowered the base import price of gold by $49 to $1,518 per 10 gm, according to a notification issued by the Central Board of Indirect Taxes and Customs late on Tuesday. The base import price of silver has been lowered by $870 to $2,675 per kg. The base import price of silver was last revised on Jan. 27, while that of gold was last revised on Jan. 22.
The government normally revises base import prices of gold and silver every fortnight, and these are used to calculate the duty on these precious metals that individuals bring into the country. India is one of the world's biggest importers of silver and the largest consumer of gold.
Futures contracts of the precious metals fell sharply as traders booked profits after a record surge last week. Prices were also weighed down as the Chicago Mercantile Exchange has increased margins on precious metals, citing market volatility. Prices also fell after US President Donald Trump nominated Kevin Warsh as the next US Federal Reserve Chair. "...hopes for aggressive interest rate cut by the US Federal Reserve started fading after US President Donald Trump named former Fed Governor Kevin Warsh as his choice to succeed Jerome Powell as Fed Chair," ICICI Direct said in a report. End
US$1 = INR 90.27
Reported by Sheya Shetty
Edited by Avishek Dutta
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