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The government on Wednesday raised the import tariff value of gold to $430 per 10 grams and that of silver to $639 a kg as prices of the metals have risen in the global market. Tariff value, the base price on which the customs duty is determined to prevent under-invoicing, of gold and silver was $416 per 10 gram and $638 a kg, respectively. The notification by the Central Board of Excise and Customs has come on a day when gold prices regained the Rs 29,000 level after four months, by surging Rs 755 to Rs 29,200 per 10 grams in the national capital.
Gold in Singapore, which normally sets the price trend on the domestic front, rose by one per cent to USD 1,339.74 an ounce and silver by 1.4 per cent to USD 20.01 an ounce. India, the largest gold consumer in the world, imported 860 tonnes of gold in 2012. In the first three months of 2013 calendar year, import stood at 215 tonnes. Gold import stood at about 335 tonnes in the April-June quarter.
