By Admin 
Gold Base Import Price: The government has reduced the base import price of gold and silver. The base import price for gold has been reduced by $42 per 10 grams and for silver by $107 per kilogram. Amidst the ongoing fluctuations in the prices of gold and silver in the global market, this step has been taken to promote its business in the country and keep the prices under control.
The base price is used to calculate the custom duty imposed on imports. The base import price is updated every 15 days. By reducing the base price, the government reduces the tax burden on importers, which can also help in stabilizing prices in the domestic market.
India is the second largest importer of gold
Due to lower base price, import of gold will become cheaper, the benefit of which can also be availed by customers somewhere. India is the second largest importer of gold in the world after China. At the same time, India’s name is at number one in the list of the largest importer of silver.
According to the report, India imports maximum gold from Switzerland. Its share in the total import of gold is about 40 percent. At the same time, UAE is at second place, whose share in gold imports is 16 percent and South Africa is at third place with about 10 percent. In the business year 2023-24, India imported gold from 48 countries. In 2024-25, gold imports increased by 27.3 percent year-on-year to reach $58 billion.
What is the price of gold and silver today?
Today, on the first of November, a fall in the prices of 24 carat, 22 carat and 18 carat gold was recorded in India. The price of 100 grams of gold fell by Rs 2,100 to Rs 2,800, while the price of 10 grams of gold fell by Rs 210 to Rs 280.
Today the price of 10 grams of gold decreased by Rs 280 to Rs 1,23,000 and the price of 100 grams of gold decreased by Rs 2,800 to Rs 12,30,000. Apart from this, the price of 8 grams of gold decreased by Rs 224 to Rs 98,400 and the price of 1 gram of gold decreased by Rs 28 to Rs 12,300. Unlike gold, silver prices rose on November 1. The price of silver increased by Rs 1,000 to Rs 1,52,000 per kg.
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