Govt cuts base import prices of gold, silver, edible oil amid easing commodity prices

The base import price of gold comes down to $548/10g from $585/10g (Representative image: Reuters)

The Central government on July 15 announced reduction in base import prices of gold, silver and crude edible oil at a time when their prices are showing signs of cooling.

The base import price on gold has been slashed by $37 per 10 gram, and on silver by $3 on each kilogram, as per a statement issued by the Ministry of Finance.

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With this reduction, the base import price of gold comes down to $548/10g from $585/10g. The fresh price will apply on the import of gold   bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units, the statement noted.

The base import price on per kilogram import of silver has been brought down to $611, from $614 at present. This will apply on silver, in any form, other than medallions and silver coins having silver content not below 99.9 percent, the government said.

The Centre has also cut the base import price of crude palm oil, reducing it from $1,401 per tonne (tn) to $1,171. The RBD palm oil base import price has been brought down to $1,346/tn from $1,482/tn.

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The base import price of crude palmolein has been cut to $1,358/tn from $1,545/tn. For RBD palmolein, the same has been decreased to $1,361/tn from $1,548/tn.

The government has also lowered the base import price of crude soyaoil, reducing it from $1,572/tn to $1,460/tn.

Govt cuts #gold base import price by $37/10 gm, silver by $3/kg pic.twitter.com/Escj4EJtiX

— CNBC-TV18 (@CNBCTV18Live) July 15, 2022

The recent dip in commodity costs also comes at a time when several economies are facing a threat of recession. Central banks across the world have also raised interest rates, in a bid to tame the soaring inflation. This, in turn, has adversely affected the commodities market globally, experts say.