Amid short supply of gold in domestic market during the festival season, the government, on Wednesday, hiked the import tariff value of gold to $442 per ten gram in line with global prices of the precious metal.

The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $418 per 10 gram for gold during the last fortnight.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).

However, the import tariff value of silver has been kept unchanged at $699 a kg.

Similarly, the tariff value of other imported items such as brass scrap, poppy seeds, areca nut and some edible oils has also been kept unchanged.

The tariff value has been revised upward taking into account the price volatility of the precious metal in the global market. —PTI