Government raises import tariff value of gold to USD 461 per 10 gms

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New Delhi: The government on Friday raised the import tariff value of gold to USD 461 per ten grams and of silver to USD 803 per kg as prices of the precious metals touched an all-time high this week.
Tariff value - the base price on which the customs duty is determined to prevent under-invoicing - of gold and silver stood at USD 432 per 10 gram and USD 697 per kg, respectively earlier.
The notification, issued by the Central Board of Excise and Customs, has come two days after when gold prices had touched a new peak of Rs 34,500 per 10 grams in the national capital.
Price of the yellow metal has increased by 9 per cent so far in the month of August. Prices of gold on Friday fell and closed at Rs 31,700 per ten grams and silver at Rs 54,000 per kg in the national capital.
However, gold in Singapore, which normally sets the price trend on the domestic front, fell by almost one per cent to USD 1,393.10 an ounce and silver by 1.34 per cent to USD 23.55 an ounce.
India, the largest gold consumer in the world, imported 860 tonnes of gold in 2012. In the first four months of the current fiscal, the import rose 87 per cent to 383 tonnes.
Next: Gold, silver extend losses on sustained selling, global cues

Gold, silver extend losses on sustained selling, global cues
New Delhi: Gold prices on Friday fell further by Rs 625 to Rs 31,700 per ten gram, extending losses for the second straight day in the national capital on sustained selling by stockists, triggered by a weakening global trend.
While the yellow metal plunged by Rs 625 to Rs 31,700 per ten gram, silver lost Rs 1,710 to Rs 54,000 per kg on reduced offtake by jewellers and industrial units.
Sentiment remained bearish as gold fell in global markets after better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus, traders said.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 0.4 per cent to 1,402.65 dollar an ounce and silver by 0.6 per cent to 23.73 dollar an ounce.
Besides, sustained selling by stockists on the back of sluggish demand dampened the sentiment, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity remained under selling pressure and plunged further by Rs 625 each to Rs 31,700 and Rs 31,500 per ten gram, respectively.
The yellow metal had lost Rs 1,575 on Thursday. Sovereign, however, remained steady at Rs 25,300 per piece of eight gram.
In a similar fashion, silver ready dropped further by Rs 1,710 to Rs 54,000 per kg and weekly-based delivery by Rs 1,300 to Rs 54,000 per kg. The white metal had tumbled by Rs 2,790 in the previous session.
Silver coins followed suit and plummeted by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.