Govt cuts base import price of gold by $6/10 gm, silver by $92/kg
This story was originally published at 13:48 IST on 1 August 2024
Register to read our real-time news.Informist, Thursday, Aug 1, 2024
MUMBAI – The government has lowered the base import price of gold by $6 to $769 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Wednesday. The yellow metal has declined after Finance Minister Nirmala Sitharaman in the Union Budget on Jul 23 announced a cut in import duty on gold and silver to 6% from 15% earlier.
The base import price of silver has been reduced by $92 to $908 per kg. The white metal has seen a sharp correction due to concerns about reduced economic activity in China, which translates into decreased industrial demand.
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 = 83.71 rupees
Reported by Sandeep Sinha
Edited by Namrata Rao
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
