The front sight should be German silver and from the muzzle end you should see grooves on the insert and sight base. If it is a replacement or original you might be able to adjust it up by loosing the screw. ..good luck. Replacements are smooth on the side and will slide up till it hits the bottom of the over sized screw hole. If Savage it will slide out the front or back.
On the new tang sight, you might grind a LITTLE off the bottom of the post and see if it moved down more. Measure before and after and work your way down. You can calculate how much you need to move if you know where it was hitting and at what distance.
