India Hikes Tariffs on Silver Imports

Bloomberg reported that India raised the tariffs on gold and silver imports, which marks the third increase this year.

As quoted in the market report:

The tariffs on gold and platinum imports were increased to 10 percent from 8 percent, while the levy on silver was boosted to 10 percent from 6 percent, the Ministry of Finance said in a notification tabled in parliament today. Taxes on shipments of gold concentrates, ores and dore bars will rise to 8 percent from 6 percent, while the duty on silver dore bars will climb to 7 percent from 3 percent, the ministry said in a statement.

To view the whole Bloomberg report, click here.