Price Revision
Govt ups base import price of gold by $38/10 gm, silver by $101/kg
This story was originally published at 13:39 IST on 1 October 2024
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MUMBAI – The government has raised the base import price of gold by $38 to $857 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Monday. Gold rallied to a fresh all-time high Thursday because of safe-haven demand amid heightened geopolitical tensions in West Asia and the prospect of rate cuts by the US Federal Reserve.
The base import price of silver was also raised by $101 to $1,038 per kg. The base import prices of gold and silver were last revised on Sept. 13.
On the geopolitical front, Israel's anticipated ground invasion of Lebanon began early Tuesday, with its military reporting "limited" raids on Hezbollah targets near the border, Motilal Oswal said in a note. 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 = INR 83.81
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Namrata Rao
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