Base Import Price
Govt ups base import price of gold by $36/10 gm, cuts silver by $9/kg
This story was originally published at 15:45 IST on 31 October 2024
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MUMBAI - The government has raised the base import price of gold by $36 to $891 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Wednesday. The yellow metal's prices have risen sharply in the past few days and hit a record high on Wednesday because of uncertainty related to the US presidential election. The base import prices of gold were last revised on Oct. 15.
The base import price of silver, however, has been lowered by $9 to $1,109 per kg. The base import prices of silver were last revised on Oct. 23, when the levy was increased by $102 to $1,118 a 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 = INR 84.09
Reported by Sandeep Sinha
Edited by Vandana Hingorani
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