Gold, silver tariff value cut

In line with the marked slide in bullion prices in international markets, the government on Saturday slashed the import tariff value of gold to $401 from $421 per 10 gram.

The import tariff value of silver was also scaled marginally lower to $604 from $606 a kg. In keeping with the global downtrend, gold prices in the domestic market also fell sharply by Rs.1,150 to hit a 23-month low of Rs.25,650 per 10 gram. Through its notification, the CBEC has increased the tariff value of crude palm oil to $854 from $852 per tonne while the base price of refined palm oil has been left unchanged.