The Centre, on Friday, slashed the import tariff value of gold marginally to $550 per 10 grams amid weak global prices of the precious metal.
The tariff value of silver has, however, been hiked marginally to $1,062 a kg.
The tariff value is the base price on which the customs duty is determined to prevent under-invoicing.
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In November, the tariff value of gold stood at $561 per 10 grams and of silver at $1,058 a kg.
The Central Board of Excise and Customs ( CBEC), on Friday, issued a notification in this regard.
Apart from precious metals, the government reduced the import tariff value of RBD palmolein to $872 from $887 a tonne last month.
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The import tariff value of brass scrap has been increased to $4069 from $4,029 a tonne in the review period.
The government decided to bring down the import tariff value of precious metals as global prices have weakened.
In New Delhi, gold declined for the second consecutive day to Rs 31,400 per ten grams on Friday, taking cues from global markets.