Government reduces gold and silver base import prices; gold imports become cheaper, offering potential relief to consumers. Check today’s updated gold and silver rates in India.
The Indian government has taken a significant step to make gold and silver imports more affordable. The base import price for gold has been reduced by $42 per 10 grams, while for silver, it has been lowered by $107 per kilogram. This move aims to stabilize domestic market prices amid fluctuations in the global precious metals market and ease the tax burden on importers.
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What is Base Import Price?
The base import price is the benchmark used to calculate customs duties on imported goods. It is revised every 15 days to reflect global price trends. By lowering the base price, the government reduces the effective tax paid by importers, which can indirectly benefit consumers by keeping retail prices stable.
India’s Position in Gold and Silver Imports
India is the second-largest gold importer in the world, after China, and the largest importer of silver. Reports indicate that around 40% of India’s gold imports come from Switzerland, followed by the UAE at 16% and South Africa at 10%. During the financial year 2023-24, India imported gold from 48 countries. In 2024-25, gold imports rose by 27.3% year-on-year, reaching $58 billion.
Today’s Gold and Silver Prices
Following the reduction in base import prices and global market trends, gold prices in India have dropped on November 1.
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10 grams of gold: ₹1,23,000 (down ₹280)
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100 grams of gold: ₹12,30,000 (down ₹2,800)
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8 grams of gold: ₹98,400 (down ₹224)
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1 gram of gold: ₹12,300 (down ₹28)
On the other hand, silver prices have seen a rise. The rate for 1 kilogram of silver increased by ₹1,000 to ₹1,52,000.
Impact on Traders and Consumers
The reduction in base import price is expected to reduce import costs for traders, which may translate into more stable prices for consumers. Market analysts suggest that this step will encourage domestic trade in precious metals and help manage price volatility in the Indian market.
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