Delhi raises base import price of gold and silver

India, the world’s biggest bullion consumer, has raised the base import price for gold by 5.7 per cent to $556 per 10 grams and that of silver by nearly 12 per cent to $1,067 per kg, a government statement said on Wednesday. Base price is the rate at which imports are taxed, irrespective of the purchase price, to prevent under-invoicing.The move, which could hit annual Indian demand of around 800-900 tonnes of gold, is seen as a measure to raise state revenues as the government struggles to meet its fiscal deficit target due to increasing outlays, including subsidies for fuel and food.