Bullion crash plus 15% import duty squeeze hit Indian jewellers
Gold fell 1.78% to Rs 1,59,098/10g and silver tumbled ~6% to Rs 2,73,601/kg on May 15 as US inflation, rising yields and a firmer dollar pressured bullion. India simultaneously hiked gold-silver import duty to ~15% from 6% (total tax 18.45%) and capped duty-free jewellery-export gold at 100 kg, pressuring Tanishq and peers.
Gold and silver prices fell sharply on May 15 as US inflation, rising yields and a stronger dollar pressured bullion. India also raised gold-silver import duties to ~15% and capped duty-free jewellery-export gold at 100 kg, hitting jewellers like Tanishq.