The Indian government has increased the base import price of gold by $41 per 10 grams, setting it at $938 per 10 grams, according to a notification from the Central Board of Indirect Taxes and Customs (CBIC) issued on Friday (February 14).
The base price of silver has also been raised by $42 per kilogram.
This revision reflects global price trends, where gold is seeing increased demand as a safe-haven asset due to escalating trade tensions between the US and China.
A higher base price ensures that import duties, which are levied as a percentage of the base price, accurately reflect the market trend.
Silver prices have also surged, prompting an adjustment in its import price.
Gold prices in India rose on Monday (February 17), mirroring global trends. Here are the recent rates of yellow metal:
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- 24K gold is priced at ₹8,662 per gram.
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- 22K gold stands at ₹7,940 per gram.
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- The price of 10 grams of 22K gold increased by ₹500 to ₹79,400.
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- 100 grams of 22K gold saw a ₹5,000 hike to ₹7,94,000.
The latest import price revision will likely impact domestic gold rates, as traders adjust prices to reflect the new base cost.