Informist, Monday, Sep 16, 2024

MUMBAI - The government has raised the base import price of gold by $9 to $819 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Friday. The yellow metal's prices have risen sharply in the past few days and hit a record high on Friday, aided by hope of an interest rate cut by the US Federal Reserve this week. The base import prices of gold and silver were last revised on Aug 30.

However, the base import price of silver has been lowered by $23 to $937 per kg.

The government revises base import prices of gold and silver every fortnight and these are used to calculate the duty on gold and silver that individuals bring into the country. India is the world's biggest importer of silver and the second-biggest importer and consumer of gold. End

US$1 = 83.88 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Anjali Lavania

Edited by Vandana Hingorani

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