Tariff value -- the base price on which the customs duty is determined to prevent under-invoicing -- of gold and silver stood at USD 432 per 10 gram and USD 697 per kg, respectively earlier.
      
The notification, issued by the Central Board of Excise and Customs, has come two days after when gold prices has touched the new peak of Rs 34,500 per 10 grams in the national capital. The prices of yellow metal have increased by 9 percent so far in the month of August.
    
Prices of Gold fell and closed at Rs 31,700 per ten grams and Silver at Rs 54,000 per kg in the national capital.
    
However, gold in Singapore, which normally sets the price trend on the domestic front, fell by almost one percent to USD 1,393.10 an ounce and silver by 1.34 percent to USD 23.55 an ounce.
    
India, the largest gold consumer in the world, imported 860 tonnes of gold in 2012. In the first four months of the current fiscal, the import rose 87 percent to 383 tonnes.

(Agencies)

Latest News  from Business News Desk