India Reduces Gold Tariff Due to Falling Prices

The government today reduced the import tariff value on gold to USD 425 per 10 grams due to falling international prices.

On the other hand, the tariff value on silver was raised to USD 690 per kg.

As on June 30, the tariff value on imported gold stood at USD 428 per 10 grams and silver at USD 688 per kg.

The import tariff value — base price at which customs duty is determined to prevent under-invoicing — is revised on a fortnightly basis, taking into account the volatility in global prices.

The hike in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.

In both Singapore and New York markets, gold prices today dipped to below USD 1,300 per ounce.

Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per 10 grams in the national capital today on sustained selling by stockists amid a weakening global trend.

via Business Standard

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza