Gold Base Import Price: In a major decision the central government led by Prime Minister Narendra Modi has reduced the base import price of gold and silver. The base import price of gold has been reduced by USD42 per 10 grams and USD107 per kg for silver. The government has taken the decision to keep prices under control amid the ongoing fluctuations in gold and silver prices in the global market. The base import price on the precious metals has also been reduced to promote domestic trade. What Is Base Import Price? It is worth noting that that the base price is used to calculate customs duty on imports. The government update the base import price in every 15 days. Cutting the base price means reducing the tax burden on importers which helps in stabilising prices in the domestic market. Is India The Second Largest Importer Of Gold? Notably India is the second largest importer of gold and people of the country likes to purchase the yellow metal for jwellery and investment purposes. The reduced base price will gold imports cheaper which directly benefit people. China is the largest gold importer in the world. When it comes to silver India tops the list ofthe  world’s largest silver importer. From Where India Imports Its Gold As per reports India imports most of its gold from Switzerland which accounts for 40 percent of its imports. The second country is UAE from where India fulfils 16 percent of its gold needs. South Africa is third with approximately 10 percent. In financial year 2023-24 the country imported the yellow metal from 48 countries. In 2024-25 gold imports increased 27.3 percent and reached USD58 billion. What Is The Price Of Gold And Silver Today? On November 1 the prices of 24-carat 22-carat and 18-carat gold witnessed a fall in India. The price of 100 grams of gold fell by Rs 2100 to Rs 2800 while the price of 10 grams of gold fell by Rs 210 to Rs 280.