Amidst the ongoing fluctuations in the prices of gold and silver in the global market, the Central Government on Thursday cut the base import price of both the precious metals. According to the notification of the Finance Ministry, this step has been taken to keep the prices stable in the domestic market and to provide relief to the import business.
🔹How much was deducted?
Gold: Decrease by $42 per 10 grams
Silver: Cut to $107 per kilogram
These new rates are updated every 15 days and custom duty is calculated on the basis of these.
🔹What is base import price?
Base import price is the fixed price on the basis of which custom duty (Import Tax) is imposed on an item.
When the government reduces this rate, the tax burden on importers is reduced. Its direct effect is that
👉 There is stability in the domestic prices of gold and silver,
👉 And shopping may become a little cheaper for customers.
🔹 India’s gold and silver market
India is the world’s second largest gold importer after China, while India ranks first in silver imports.
according to the report –
India gets 40% of total gold from Switzerland,
16% from UAE, and
10% imports from South Africa.
Total gold imports have increased by 27.3% to $58 billion in the financial year 2024-25.
🔹 Latest prices of gold and silver on November 1
Metals Previous Price New Price Difference 🪙 Gold (10 gm) ₹1,23,210 ₹1,23,000 ₹210↓ 🪙 Gold (100 gm) ₹12,32,800 ₹12,30,000 ₹2,800↓ 🪙 Gold (8 gm) ₹98,624 ₹98,400 ₹224↓ 🪙 Silver (1 kg) ₹1,51,000 ₹1,52,000 ₹1,000↑
🔹What will be the effect?
Due to this step of the government
Importers will get tax relief,
Prices will stabilize, and
Gold jewelery may become a little cheaper for customers.
Experts believe that if stability remains in the international market, then gold and silver prices in India will remain more balanced in the coming weeks.
