Gold-silver base import price: The government announced a reduction of $ 11 per 10 grams in the import price of gold on Monday, 3 March. After this, the price has fallen to $ 927 per 10 grams. This step is taken amidst the ongoing selling in gold. The selling was mainly due to the bounce and profits in the dollar index. The government has cut the basic import price of gold and silver by $ 18 per kg. After this the new price has increased to $ 1,025 per kg.
In early February, the government increased the basic import price of gold by $ 41 per 10 grams, after which it increased to $ 938 per 10 grams. At the same time, the basic import price of silver was increased by $ 42 per kg. In this regard, the Central Board of Customs (CBIC) issued a notification on 14 February.
Original import price is updated every 15 days
The government reviews and update the original import price of both gold and silver every 15 days. These prices are important for calculating the fees imposed on gold and silver brought in India. India is the largest silver importer in the world. It is the second largest importer and consumer of gold. India’s import policies have a significant impact on the global precious metal market.
Gold futures boom
The April delivery price on the Multi Commodity Exchange grew by Rs 478, or 0.57 per cent to Rs 84,697 per 10 grams. Out of this, 13,686 lots were traded. This happened due to strong spots by the bookies to make new deals due to strong spot demand. Globally, gold futures in New York increased by 0.20 percent to $ 2,863.46 an ounce.
At the same time, the price of May delivery silver contract increased by Rs 532, or 0.56 percent to Rs 94,860 per kg. Out of this, 19,759 lots were traded. Globally, silver in New York rose 0.24 percent to $ 31.22 an ounce.
