Govt Cuts Import Tariff on Gold

Business

oi-Sunil

By Sunil Fernandes

Published: Saturday, March 14, 2015, 13:10 [IST]

The government has cut import tariff value on gold to $375 per 10 grams and silver to $512 per kg following weak global price trends.

During the first fortnight of the month, the tariff value on imported gold was fixed at 4393 per 10 grams and on silver at $549 per kg.

The import tariff value is the base price at which customs duty is determined to prevent under-invoicing.

Meanwhile, gold prices in the international markets remained steady despite worries that a hike in interest rates in the US.

Gold Futures internationally was surprisingly resilient despite a strong dollar, which pushed the Dow Jones Industrial Average lower.