SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Govt hikes import tariff price on precious metal

01 Nov 2016 Evaluate

The government has marginally hiked import tariff value on gold and silver to $414 from $410 per 10 grams and $577 from $576 per kg respectively. In the global market, gold prices ruled steady on October 31, due to a strong US dollar. Spot gold was unchanged at $1,276.16 an ounce, while the US gold futures were little changed at $1,277.10. In the domestic market, gold prices drifted lower by Rs 110 to Rs 30,590 per 10 gram in the national capital, while silver prices were ruling steady at Rs 42,700 per kg.

The country's gold imports have declined by 10.3% to $1.80 billion in September 2016, from $2 billion in the year ago period due to sliding prices of the precious metal in both global and domestic markets.The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis. The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs.

Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country's current account deficit, which occurs when value of import of goods and services is more than exports.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: