In the wake of rising global prices of precious metals, the Central Government, on Thursday, increased the import tariff value of gold and silver marginally to $561 per 10 gram and $1,058 a kg, respectively.

The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing. During October, the tariff value of gold stood at $556 per 10 gram and that of silver at $1,039 a kg. The Central Board of Excise and Customs (CBEC) issued a notification in this regard.

Besides, the government has reduced the import tariff value of RBD palmolein and brass scrap to $887 a tonne and $4,029 a tonne, respectively.

Last month, the tariff value of RBD palmolein stood at $889 a tonne, while that of brass scrap stood at $4,096 a tonne.

The government hiked import tariff value of precious metals following firm price trend in the global market.

At present, gold prices are ruling around $1,720 an ounce in London, and silver at $32.64 an ounce in London. — PTI