India Increases Gold Import Tariff Value

India Gold Jewlery

The world’s largest bullion consumer India has increased import tariff value of gold on Friday as local gold prices in rupee has been pushed high this week.

India has hiked its import tariff value of gold from $432 to $461 per ten grams.

On Wednesday, Indian gold price hits fresh highs of Rs 35,074 per ten grams in futures trade on high buying as rupee fell to its new record low of 68.85 against the USD.

The government has recently increased the import duty on refined gold bars to 10% compared to 8% previously, the third increase in eight months, while factory duty on gold bars will be 9% against 7% earlier.