Govt ups base import price of gold by $26/10 gm, cuts silver by $5/kg
This story was originally published at 14:45 IST on 16 August 2024
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MUMBAI – The government has raised the base import price of gold by $26 to $795 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Wednesday. The yellow metal has risen in the international market on expectation of the US Federal Reserve interest rate cut and a safe-haven appeal amid escalation in geopolitical tension in West Asia.
The base import price of silver has been reduced by $5 to $903 per kg.
The government usually revises base import prices of gold and silver every fortnight and it is 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 consumer of gold. End
US$1 = 83.96 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Vidhi Verma
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