India Increases Gold and Silver Import Base Prices

The Indian government has increased the base import price of gold and silver in response to rising global prices. According to a notification from the Central Board of Indirect Taxes and Customs (CBIC) issued on February 14, the base price of gold has been raised by $41 per 10 grams to $938, while the base price of silver has gone up by $42 per kilogram.

Adjustment in Line with Trends

Gold prices have been increasing due to economic uncertainty and geopolitical factors, including trade tensions between the US and China. The higher base import price will help with import duties, which are calculated as a percentage of the base price, and stay aligned with international prices. 

Silver prices have also gone up, prompting an adjustment in its import cost.

Gold Prices in India

Following the global trend, gold prices in India also saw an increase on Monday, February 17. The updated rates are:

• 24K gold – ₹8,662 per gram
• 22K gold – ₹7,940 per gram
• 10 grams of 22K gold – ₹79,400 (increase of ₹500)
• 100 grams of 22K gold – ₹7,94,000 (increase of ₹5,000)

With the revision in base prices, traders are likely to adjust domestic gold rates accordingly. This could influence overall pricing in the retail market, particularly with ongoing demand fluctuations.

Silver Price Adjustment

Like gold, silver has also seen a price increase internationally. The government’s decision to raise the base import price of silver shows these global shifts. The change in import pricing helps maintain consistency in the taxation system by ensuring duties are levied on a market-aligned base price.

The new base import prices will apply until the next revision, depending on further changes in global market conditions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.