The Central government has increased the import tariff value on gold and silver with effect from Feb. 10, 2016.
The tariff of gold is up $26 to $388 per 10 gm, while the increase on silver is $44 to $487 per kg, an official statement said on Wednesday.
The respective tariff values were revised to $362 per gm on gold and $443 on silver per kg on Jan. 29, 2016.
The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.
Gold prices are on the rise globally as a result of the rout witnessed in equity markets on account of slump in crude oil and commodity prices, along with slowdown in key economies such as China.
On 9 February, gold prices rose Rs 710 to close at Rs 28,585 per 10 gm, marking an increase of 12.05 percent over the Jan. 1 price of Rs 25,510.
India's gold imports in December 2015 were valued at $3.80 billion, up from $1.36 billion in December 2014. The figures for January are expected to be declared in a few days along with merchandise exports data.
The current import duty on gold is 10 percent.
