New Delhi: The government Tuesday increased the tariff value of gold to USD 521 per 10 grams, making import of the precious metal in any form costlier.
However, the tariff value for silver has been lowered to USD 920 per kg, according to a notification released by the Central Board of Excise and Customs (CBEC) Tuesday.
During March, the tariff value -- the base price on which the customs duty is determined to prevent under-invoicing and released every fortnight -- for gold stood at USD 516 per 10 grams and for silver at USD 930 a kg.
Besides, the government has reduced import tariff value of RBD palmolein USD 863/tonne from USD 874/tonne.
The government hiked import tariff value of precious metals following firm price trend in the global market.
At present, gold prices are ruling down at USD 1,597.90 per ounce in Singapore, while silver at USD 27.92 per ounce.
Gold price was quoted at Rs 30,100, while silver at Rs 53,200 per kg in Delhi Tuesday.