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Informist, Saturday, May 30, 2026

--Govt cuts gold base import price to $1,423/10 gm from $1,508/10 gm
--Govt cuts silver base import price to $2,368/kg from $2,455/kg

MUMBAI – The government has lowered the base import price of gold by $85 per 10 gram to $1,423 per 10 gm, according to a notification issued by the Central Board of Indirect Taxes and Customs late Friday. The base import price of silver has also been cut by $87 per kilogram to $2,368 per kg. The base import price of gold was last revised on May 15 while that of silver was last revised on May 19.

The government typically revises base import prices of the two precious metals every fortnight. These prices are used to calculate the duty on gold and silver that individuals bring into the country. India is one of the world's biggest importers of silver and the second-largest consumer of gold.

Prices of precious metals have fallen in recent weeks because of higher crude oil prices on account of the war in West Asia that has choked supplies of oil and gas from the Persian Gulf region. Higher energy prices could lead to a rise in inflation and move central banks across the world to raise interest rates. Typically, higher interest rates dim the appeal of non-interest-bearing precious metals.  End

US$1 = INR 95.00

Reported by Shreya Shetty
Edited by Shubhayan Bhattacharya

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