Gold prices extended gains for the second day by adding Rs 50 to Rs 30,400 per ten gram on sustained buying amid a firming Asian trend. Silver also inched up by Rs 10 to Rs 43,610 per kg on scattered enquiries from industrial units. In Mumbai, gold of 99.9 and 99.5% purity traded at Rs 30,098 and Rs 29,947 per ten gram, while silver enquired at Rs 44,400 per kg. Traders said sustained marriage season buying and a firming Asian trend, as falling equity markets boosted demand for haven assets, mainly led to rise in gold prices.
Import tariff value of gold & silver slashed
The Centre has slashed the import tariff value on gold and silver to $404 per ten grams and $635 per kg, respectively, taking into account the volatility in the global prices. Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis after analysing the global price trend. Till Sunday, the tariff value on imported gold was at $407 per ten grams, while on silver it stood at $663 per kg. Besides precious metals, the tariff value on imported brass scrap has been cut to $3,959 per tonne from $3,995 per tonne, while those on crude soyabean oil has been reduced to $917 per tonne from $944.