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.

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.