Govt ups base import price of gold by $13/10 gm, cuts silver's by $27/kg
This story was originally published at 21:23 IST on 2 December 2024
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MUMBAI – The government has raised the base import price of gold by $13 per 10 gm to $850 per 10 gm, according to a notification issued by the Central Board of Indirect Taxes and Customs on Friday. The yellow metal's prices have seen an uptick in the second half of November due to an escalation in the Ukraine-Russia war, which boosted gold's safe-haven demand. The base import prices of gold were last revised on Nov. 14.
However, the base import price of silver has been lowered by $27 per kg to $978 per kg. The base import prices of silver were last revised on Nov. 14, when the levy was cut by $104 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 84.70
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Deepshikha Bhardwaj
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