Government Increases Import Tariff Value On Gold

The government has hiked import tariff value on gold to $401 per 10 grams. For the first half of October, the tariff value on imported gold was $396 per 10 grams.

The import tariff value is the base price at which customs duty is calculated.

“The increase in tariff value on imported gold has been notified by the Central Board of Excise and Customs,” an official statement said.
In New York, gold’s price increased by 0.72% to trade at five-week high of $1,241.10 an ounce in yesterday's trade.

In India, gold is the second largest imported item after petroleum. Gold import increased for the second consecutive month to 95 tonnes in September.