Govt hikes import tariff on gold, silver

The government has raised the import tariff on gold to $461 per 10 grams from $432. The import tariff value of silver was also raised to $803 per kg from $697 per kg.

Tariff value is the base price taken to determine customs duty, so as to prevent under-invoicing.

Gold imports to India, the world's largest consumer, in the first four months of the current financial year, rose 87 per cent to 383 tonnes.

Gold prices in Delhi touched a peak of Rs 34,500 per 10 grams on Wednesday, thus recording an increase of 9 per cent in August. On Friday, while the yellow metal cost Rs 31,700 per 10 grams, silver cost Rs 54,000 per kg.