Price Hike
Govt ups base import price of gold by $15/10 gm, silver by $57/kg
This story was originally published at 14:10 IST on 2 September 2024
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MUMBAI – The government has raised the base import price of gold by $15 to $810 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Friday. The yellow metal has rallied to a fresh all-time high in international market on Thursday because of safe-haven demand amid geopolitical tensions and economic uncertainties.
The rising hope of an interest rate cut by the US Federal Reserve at its meeting later this month also aided the price. The expectation of lower interest rates increases the appeal of non-yielding assets such as gold.
The base import price of silver has been raised by $57 to $960 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 = 83.89 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Akul Nishant Akhoury
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