Gold and Silver Imports to Get Cheaper as Government Reduces Base Import Prices

New Delhi: Importing gold and silver is set to become more affordable after the government reduced the base import prices of these precious metals. The base price of gold has been lowered by $49 per 10 grams, bringing it to $1,518, while silver sees a reduction of $870 per kilogram, setting it at $2,675 per kilogram.

Why This Matters
The Central Board of Indirect Taxes and Customs (CBIC), under the Ministry of Finance, issued a notification stating that the new rates will apply to gold and silver imported under all designated tariff headings. This move comes as international prices of gold and silver approach record highs, easing the customs duty burden on importers.

Scope of the Reduction

• The reduction benefits high-purity gold bars and coins, as well as silver bullion and medallions.
• The concession does not apply to jewelry, other items made of precious metals, or imports via post, courier, or baggage.

Previous Adjustments

• Silver’s base import price was last revised on 27 January 2026, while gold was adjusted on 22 January 2026.
• Typically, the government reviews base import prices fortnightly to align with international market movements.

India’s Gold and Silver Market
India is currently the second-largest consumer of gold in the world and the largest market for silver. Almost all domestic demand for gold is met through imports, while over 80% of silver needs are imported. Last year, India spent roughly one-tenth of its foreign exchange reserves on importing these metals. Analysts predict that the import bill may rise further in 2026 as global prices continue to climb.

Current Prices in Delhi and MCX

• Delhi Rates (per 8 grams):
• 22K Gold: ₹1,13,008
• 24K Gold: ₹1,23,272
• MCX Rates (as of 9:30 AM, 4 Feb 2026):
• Gold: ₹1,59,600 per 10 grams (up ₹5,791, +3.77%)
• Silver: ₹2,81,116 per kg (up ₹13,101, +4.89%)

The government’s move is expected to reduce import costs for traders, encourage smoother imports, and provide relief to the domestic market amid rising international gold and silver prices.