Govt ups base import price of gold by $27/10 gm, silver by $66/kg
This story was originally published at 12:06 IST on 16 July 2024
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MUMBAI – The government has raised the base import price of gold by $27 to $775 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Monday. The yellow metal has seen a significant rally in the past few days, as weaker-than-expected US economic data led to hope of an early rate cut by the Federal Reserve.
The base import price of silver has been raised by $66 to $1,000 per kg. The white metal is seeing a catch-up rally with gold, after underperforming for a long time.
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 = 83.58 rupees
Reported by Sandeep Sinha
Edited by Avishek Dutta
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