India hikes import value of gold, silver

New Delhi, June 16 : The government Monday increased import value of gold to $411 per 10 grams and for silver to $632 per kilogram due to a jump in the prices in the global markets. In the first fortnight of June the import value of gold was $408 per 10 grams and silver was $617 per kilogram.

The government revises the import tariff value of gold, silver and other products every fortnight taking into account the volatility in the global markets.  Customs duty on the import of these products depends on the import tariff value, which is considered the base price.