The government on Monday, March 3, 2025, announced a reduction in the base import price of gold by $11 per 10 grams, bringing it down to $927 per 10 grams. The move comes amidst ongoing selling pressure on the yellow metal, largely driven by a rebound in the dollar index and profit-taking.

Along with gold, the base import price of silver has also been slashed by $18 per kilogram, bringing the new price to $1,025 per kilogram. This is the second price revision for silver in recent weeks; earlier in February, the government had raised the base import price by $42 per kilogram.

The base import prices for both gold and silver are reviewed and updated by the government every fortnight. These prices are crucial for calculating the duty levied on gold and silver brought into India.

As the world’s largest importer of silver and the second-largest importer and consumer of gold, India’s import policies have a significant influence on global precious metal markets.

Gold futures rise on spot demand on March 3

Gold prices on Monday rose by ₹478 to ₹84,697 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand as the value of the dollar dropped and rising tensions around the world made more people want to buy gold. The delayed peace deal between Ukraine and Russia and unclear US tariff policies also made gold a safer choice for investors.

On the Multi Commodity Exchange, gold contracts for April delivery traded higher by ₹478 or 0.57% at ₹84,697 per 10 grams in a business turnover of 13,686 lots.

Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures increased 0.20% to $2,863.46 per ounce in New York.

With inputs from agencies

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