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.

Meanwhile, after declining for seven months in a row, gold imports grew by 65.13 per cent to USD 3.12 billion in June.

Gold is the second largest import item for India after petroleum. Due to several curbs, the country's total gold and silver imports dropped 40 per cent to USD 33.46 billion in 2013-14, against USD 55.79 billion in the previous year.

PTI