The government has said that there are no specific measures or mechanism to fix a single daily price for gold in India, the world's largest consumer and importer of the precious metal. Gold is widely traded in local markets across the country. Besides, the country imports over 700 tonne gold annually.
Minister of State for Consumer Affairs C R Chaudhary said that the price generally depends on import rate, basic customs duty, tax and logistics cost, purity among other reasons. He added that the prices also vary depending on location.
With regard to hallmarked gold, Chaudhary said that presently sale of both hallmarked as well as non-hallmarked gold and silver ornament is permitted in the country. However, the Bureau of India Standards Act, 2016 has enabling provisions for making hallmarking of precious metal articles mandatory by the central government.
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