Will the gold get cheaper? The government has taken a major step, reducing the base import price.

Gold Base Import Price: The reduction in the base price will make gold imports cheaper, which could benefit consumers. This could also help control prices.

Gold Base Import Price: The government has reduced the base import price of gold and silver. The base import price has been reduced by $42 per 10 grams for gold and $107 per kilogram for silver. This step has been taken to promote the domestic trade and control prices amid the ongoing fluctuations in gold and silver prices in the global market.

The base price is used to calculate customs duty 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 could also help stabilize prices in the domestic market.

India is the second-largest importer of gold.

The reduction in base prices will make gold imports cheaper, which could benefit consumers. India is the second largest importer of gold in the world after China. India also ranks first in the list of the largest importers of silver.

According to the report, India imports the most gold from Switzerland, accounting for approximately 40% of total gold imports. The UAE is second, with a 16% share, and South Africa is third, with approximately 10%. In the 2023-24 financial year, India imported gold from 48 countries. In 2024-25, gold imports increased by 27.3% year-on-year to reach $58 billion.

What is the price of gold and silver today?

Today, on the first of November, the prices of 24-carat, 22-carat, and 18-carat gold in India declined. 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 fell by Rs 280 to Rs 1,23,000, and the price of 100 grams of gold fell by Rs 2,800 to Rs 12,30,000. Furthermore, the price of 8 grams of gold fell by Rs 224 to Rs 98,400, and the price of 1 gram of gold fell by Rs 28 to Rs 12,300. In contrast to gold, silver prices surged on November 1st. Silver prices rose by Rs 1,000 to Rs 1,52,000 per kilogram.