The Indian government on Wednesday has raised import tariff value of gold. However, it has lowered import tariff value for silver. The Central Board of Excise and Customs has notified gold import tariff value of USD 347 per 10 grams, which will be effective for fortnight from Dec. 15, 2015, compared with USD 344 per 10 grams for the last fortnight. Meanwhile, import tariff value of silver decreased to USD 448 per kilogram, which will be effective for fortnight from Dec. 15, 2015, compared with USD 461 per kilogram for the last fortnight. Notified import tariff value is the base price at which custom duty is calculated to avoid under-invoicing. Currently, gold futures were trading at USD 1,064.30 per ounce that is USD 375.41 per 10 grams in the global markets. Meanwhile, silver futures were trading at USD 13.8 per ounce i.e. USD 486.77 per kilogram. In domestic futures market, gold fell Rs 18.00 or 0.07 percent to trade at Rs 25,248.00 per 10 gram at the Multi-Commodity Exchange (MCX). Silver fell Rs 3.00 or 0.01 percent to trade at Rs 33,590.00 per KG at the MCX.

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