October 17, 2025

Hold onto your wallets! India has just pumped up the base import prices of gold, silver, and all kinds of edible oils to catch up with the rising global market rates. The government announced this spicy update late Wednesday, saying it adjusts these prices every two weeks to determine how much tax importers must cough up. Why this matters? India is the biggest importer of edible oils and silver and the second-largest consumer of gold worldwide. The base prices affect how much money importers pay in taxes, making this a big deal for traders and consumers. Here's the twist of the tale in numbers: crude palm oil's price climbed from $1108 to $1123 per ton. RBD palm oil jumped to $1148 from $1132, and RBD palmolein moved up from $1144 to $1152. Crude soya oil also went higher, from $1181 to $1187 per ton. But hold your breath, gold and silver fans! Gold's base price has soared from $1231 to a dazzling $1327 per 10 grams. Silver didn't lag behind either, shooting up from $1515 to $1663 per kilogram. These price tags are crucial because the tariffs for gold and silver are set per 10 grams and per kilogram, respectively. So, when these base prices climb, so does the tax baggage for importers, possibly nudging up retail prices. India's sharp watch on the global market and timely price adjustments spell a spicy new chapter in the trading story of precious metals and edible oils. Watch this space as importers and consumers feel the heat!

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Tags: India, Gold prices, Silver prices, Edible oils, Import tax, Commodity prices,