Govt cuts base import price of gold by $46/10 gm, keeps silver unchanged
This story was originally published at 11:02 IST on 13 November 2024
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MUMBAI - The government has cut the base import price of gold by $46 to $845 per 10 gm, according to a notification by the Central Board of Indirect Taxes and Customs on Tuesday. The base import price of gold was last revised on Oct. 30. The yellow metal has seen sharp selling as investors unwind their safe-haven bets following Donald Trump's victory in the US presidential election.
On Tuesday, prices of gold fell to a month's low of $2,595.7 per ounce from its all-time high of $2,801.8 per ounce hit on Oct. 30. The fall was because of a rise in the dollar on expectations of 'make-in-America' policies under the Donald Trump administration. A surge in US Treasury yields also weighed on gold prices.
The base import price of silver has been kept unchanged at $1,109 per kg. The base import price of silver was last revised on Oct. 30, when the levy was cut by $9.
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 largest importer of silver and the second-biggest importer and consumer of gold. End
US$1 = INR 84.39
Reported by J. Navya Sruthi
Edited by Avishek Dutta
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