Govt lowers tariff value on imported gold, silver

 
The government has reduced import tariff value of gold and silver to $392 per ten grams and $638 per kg, respectively.

Import tariff value is the base price at which customs duty is determined to prevent under-invoicing.

The tariff value on imported gold earlier stood at $398 per 10 grams, while on silver at $643 per kg.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official release said on Thursday.

However the tariff value on imported brass scrap has been increased to $3,940 per tonne from $3,930 per tonne.

The tariff value on imported poppy seeds has also been raised to $3,195 per tonne from $3,154 per tonne.

Gold in Singapore, which normally sets price trend on the domestic front, was trading at $1,224.11 an ounce and silver at $20 an ounce on Thursday.

India, the world's largest consumer of gold, imported 393.68 tonnes of the precious metal during the April-September period of this year, as per official data.

The government has taken several steps to reduce gold imports, including hike in custom duties.

Gold, silver fall additional on nonstop selling

Extending losses for the second at once day, gold fell by Rs 175 to Rs 30,050 per ten grams in the national capital on Tuesday on nonstop selling by stockists in the middle of weakening global trend.

Silver also declined for the second uninterrupted session by Rs 120 to Rs 43,550 per kg on reduced offtake by jewellers and industrial units.

Traders said sustained selling by stockists on the back of slothful demand mainly kept pressure on precious metals.

Weak global trend, where gold traded below $1200 as investor holdings retreated and US equities climbed to a record high along with signs of an improving economy, further dampened the sentiment, they said.

Gold in Singapore, which normally sets price trend on the marital front, traded at $1,199.10 an ounce and silver dropped 0.5 per cent to $19.37 an ounce.

Besides,increase rupee against the American currency, which makes the dollar-priced precious metal's import cheaper, too prejudiced the sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity remained under selling demands and lost another Rs 175 each at Rs 30,050 and Rs 29,850 per ten grams, respectively. It had lost Rs 175 on Monday.

independent, however, held steady at Rs 25,100 per piece of eight gram in limited deals.

Similarly, silver ready declined by Rs 120 to Rs 43,550 per kg and weekly-based delivery by Rs 230 to Rs 43,740 per kg. The white metal had shed Rs 280 in the previous session.

Silver coins followed go with and dropped by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.