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The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
Tariff value -- the base price on which the customs duty is determined to prevent under-invoicing -- of gold and silver stood at $432 per 10 gram and $697 per kg, respectively earlier.
The notification, issued by the Central Board of Excise and Customs, has come two days after when gold prices has touched the new peak of Rs 34,500 per 10 grams in the national capital. The prices of yellow metal has increased by 9 per cent so far in the month of August.
Price of gold today fell and closed at Rs 31,700 per ten grams and silver at Rs 54,000 per kg in the national capital on Friday. However, gold in Singapore, which normally sets the price trend on the domestic front, fell by almost one per cent to $1,393.10 an ounce and silver by 1.34 per cent to $23.55 an ounce.
India, the largest gold consumer in the world, imported 860 tonnes of gold in 2012. In the first four months of the current fiscal, the import rose 87 per cent to 383 tonnes.