The Government on Tuesday hiked import tariff value on gold to $ 396 per 10 grams and on silver to $ 561 per kg in line with volatile global price trends.
The tariff value on imported gold was at $388 per 10 grams and silver at $540 per kg in the first fortnight of the current month.
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.
The increase in tariff value on imported gold has been notified by the Central Board of Excise and Customs, an official statement said.
Globally, gold and silver prices have been volatile in the last few weeks. In london, gold prices rose today 0.53 per cent to $1,199.80 per ounce, while silver rates too increased to $16.22 per ounce.