Import tariff values for gold, silver raised

New Delhi: The Central Board of Indirect Taxes & Customs (CBIC) on Friday raised import tariff values for gold, silver, crude palm oil and soybean oil, reflecting efforts to manage import costs amid global commodity price fluctuations.

Gold in any form will now attract a tariff of $1,508 per 10 grams, up 3.6% from $1,456, while silver's tariff is $2,810 per kilogram, a 7.9% increase from $2,603. The new valuations, effective May 16, 2026, mark a significant increase for precious metals while edible oils see minor adjustments.

Crude palm oil and soybean oil, which account for the bulk of India's edible oil imports, now have tariff values of $1,205 and $1,256 per metric tonne, respectively. Palm oil tariff rose 0.25% from $1,202 earlier, while soybean oil saw a 0.08% increase from $1,255.


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Earlier this week, the Centre sharply increased customs duties on gold and silver to 15% from 6%, and platinum imports to 15.4% from 6.4%, as policymakers seek to contain pressure on the country's foreign exchange reserves and external account during the ongoing West Asia conflict.

India is the world's largest gold importer, bringing in over $50 billion worth of gold annually, primarily for jewellery and investment purposes.

The revised tariffs could moderately raise import costs, influencing domestic gold prices. India imports over 10 million tonnes of edible oils annually, mainly from Indonesia, Malaysia, and South America, and even small tariff changes can affect wholesale prices in domestic markets.