Modi Govt Slashes Gold, Silver Import Base Prices: Relief for Buyers Amidst Volatile Markets

• The Modi government has reduced the base import prices of gold and silver, aiming to ease the import burden and potentially stabilize retail prices.
• The Central Board of Indirect Taxes and Customs issued a notification, cutting the notional value used for calculating customs duty.
• The base import price of gold is down by $50 per 10 grams to $1,518, while silver's base price is cut by over $800 per kg to $2,657.
• This duty reduction applies to high-purity gold bars, coins, and silver biscuits, but not to jewelry or personal imports.
• Despite the reduction, gold prices surged in AP and Telangana, with 22-carat gold up by Rs. 6,000 and 24-carat by Rs. 6,600 per 10 grams.