The Central government on Monday raised the import tariff value on gold by $9 to $354 per 10 gm and on silver by $5 to $457 per kg, according to a finance ministry statement released the same day.

The tariff values on gold and silver were fixed at $345 and $452 by the government on 31 December, 2015. 

The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.

Details of gold and silver imports for December 2015 are yet to be released, while the total non-oil imports during the month stood at $27 billion in December 2015, down 7.6% year-on-year.

Gold and silver prices have been on the rise since the beginning of 2016 due to a slump in stock markets globally.

Gold prices closed at Rs 26,550 per 10 gm on 16 January, up from Rs 25,510 on 1 January, while silver prices increased to Rs 34,015 on 16 January from Rs 33,300 on the first day of this year.

India's gold imports have come down consistently over the years, from $56.5 billion in the 2011-12 fiscal to $53.8 billion in 2012-13 to $27.70 billion in 2013-14. It was $24.49 billion last year, and in this fiscal, the country imported gold worth $22.73 billion in the first eight months (April to November).

India's gold imports plunged 36.48% to $3.53 billion in November 2015 from $5.57 billion in the corresponding month last year on account of falling gold prices.

Silver imports dropped 55% to $285 million in November 2015 from $643.71 million in November 2014.