The government has reduced the base import price of gold and silver by $ 42 per 10 grams and the base import price of silver by $ 107 per kilogram. This step has been taken to promote domestic trade and control prices amid the ongoing fluctuations in gold and silver prices in the global market. The base price is used to calculate customs duty on imports. The base import price is updated every 15 days. By reducing the base price, the government reduces the tax burden on importers, which can also help stabilize prices in the domestic market.
India is the second largest importer of gold
Reduction in base price will make import of gold cheaper, which can also be benefited by consumers. India is the second largest importer of gold in the world after China. India also ranks first in the list of largest importers of silver. According to reports, India imports most of its gold from Switzerland. Its share in total gold imports is about 40 percent. The United Arab Emirates is at second place with 16 percent share and South Africa is at third place with about 10 percent share. In the financial year 2023-24, India will import gold from 48 countries. In 2024-25, gold imports will increase by 27.3 percent year-on-year to reach $58 billion.
What is the price of gold and silver today?
Today, on November 1st, 24 carat, 22 carat and 18 carat gold prices fell in India. The price of 100 grams of gold declined by Rs 2,100 to Rs 2,800, while the price of 10 grams of gold declined by Rs 210 to Rs 280. Today the price of 10 grams of gold decreased by Rs 280 to Rs 1,23,000 and the price of 100 grams of gold decreased by Rs 2,800 to Rs 12,30,000. Apart from this, the price of 8 grams of gold decreased by Rs 224 to Rs 98,400 and the price of 1 gram of gold decreased by Rs 28 to Rs 12,300. Unlike gold, silver prices rose on November 1. Silver price rose by Rs 1,000 to Rs 1,52,000 per kg.
