New Delhi, Mar 31 (KNN) The new rate for calculation of import duty for gold has been fixed at USD 421 per 10 grams and silver USD 644 per kilogram as per the latest change in tariff value of different commodities fixed by the Finance Ministry.

The Central Board of Excise and Customs fixes the tariff value at frequent intervals so that a base value for levy of import and export duty is determined.

The frequency of the change in tariff value also depends on the volatility in commodity prices in the international market.

Gold was trading near a six-week low today, and was headed for its first monthly decline this year on growing optimism about the US economy and weak physical demand in Asia.

Gold has lost nearly USD 100 an ounce in the last 10 trading sessions, moving further away from a six month high hit mid-March. (KNN Bureau)