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India hikes base import price of Gold by $18 per 10 gram

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MUMBAI (Scrap Register): The central government has increased the base import price of gold by $18 to $430 per 10 grams, according to an official release.

The government has also increased the import tariff value of silver to $477 per kilogram from $465 per kg earlier.

Base import prices were last revised on May 31.

Base import prices, typically revised every fortnight, are used to calculate duty on gold and silver that individuals bring into the country. India levies 10% import duty each on both the precious metals.

The government reduced the base import price of brass scrap (all grades) by $73 to $3487 per tonne.

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