Government on Thursday further slashed the tariff value of gold and silver to $449 per ten grams and $762 per kg, respectively, in view of falling global prices of the precious metals.

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

It was only two days back that the tariff value was brought down to $499 per ten grams and silver at $890 per kg.

The notification in this regard was issued by the Central Board of Excise and Customs (CBEC), an official release said.

The government has reduced the import tariff value of precious metals following high price volatility in gold and silver in the global market.

Gold prices are ruling down at $1337.86 per ounce in Singapore.

In the national capital, gold rates have fallen sharply in the last few trading sessions and are currently ruling down at Rs. 26,600 per ten gram. Silver is ruling at Rs. 45,400 per kg.

Decline in bullion prices has boosted domestic demand in the country, the world’s largest gold consuming nation.

More In: Markets | Business