Govt cuts base import price of gold by $24/10 gm, silver by $77/kg
This story was originally published at 07:49 IST on 1 January 2025
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MUMBAI – The government has cut the base import price of gold by $24 per 10 gm to $840 per 10 gm, according to a notification issued by the Central Board of Indirect Taxes and Customs on Tuesday. The yellow metal have come under selling pressure after US Federal Reserve Chair Jerome Powell indicated fewer interest rate cuts in 2025. The base import prices of gold were last revised on Dec. 13.
The base import price of silver has been reduced by $77 to $959 per kg. The slow pace of economic recovery in China, which translates into lower industrial demand, has weighed on silver prices. The base import prices of silver were last revised on Dec. 13, when the levy was raised by $58 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 85.62
Reported by Sandeep Sinha
Edited by Avishek Dutta
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