Government cuts import tariff value of gold and silver

Posted By: Religare
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Government cuts import tariff value of gold and silver
The government yesterday reduced the import tariff value of gold to USD 458 per 10 grams from USD 461 per 10 grams due to fall in its global prices. It also cut the import tariff value of silver to USD 783 per kg from USD 803 per kg, reported PTI.

The notification was issued by the Central Board of Excise and Customs after gold prices extended losses for the fourth straight day yesterday. The prices of yellow metal have touched the all time high of Rs 34,500 per 10 grams last week in the national capital.

Prices of gold today fell and closed at Rs 31,100 per 10 grams. However silver snapped three day of losses and rebounded by Rs 420 to Rs 54,350 per kg. However, gold prices have increased by about 8 per cent in August, said media reports.

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