Government on Thursday further slashed the import tariff value of gold to $376 per 10 grams and of silver to $ 498 per kg due to weak global prices. For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg. The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices.