Govt increases base import price of gold, silver

India, the world's biggest bullion consumer, has raised the base import price for gold by 5.7% to $556 per 10 grams and that for silver by nearly 12% to $1067 per kg, a government statement said on Wednesday.

Last month, India hiked its gold import duty by 90% and doubled the tax on silver, sending futures prices higher and hitting shares of jewellers.