Tariff value of gold increased to $521/10 gm; import of gold to be costlier

NEW DELHI: The government today increased the tariff value of gold to $521 per 10 grams, making import of the precious metal in any form costlier.

However, the tariff value for silver has been lowered to $ 920 per kg, according to a notification released by the Central Board of Excise and Customs ( CBEC) today.

During March, the tariff value -- the base price on which the customs duty is determined to prevent under--invoicing and released every fortnight -- for gold stood at $ 516 per 10 grams and for silver at $ 930 a kg.

Besides, the government has reduced import tariff value of RBD palmolein $ 863/tonne from $ 874/tonne.

The government hiked import tariff value of precious metals following firm price trend in the global market.

At present, gold prices are ruling down at $ 1,597.90 per ounce in Singapore, while silver at $ 27.92 per ounce.

Gold price was quoted at Rs 30,100, while silver at Rs 53,200 per kg in Delhi today.