Gold duty hike to 15% jolts jewellers; ETFs rally 6.5% as buyers pivot from physical
India's import duty reset from 6% to 15% lifted MCX gold ~₹9,000 to ₹1,62,491/10g and handed gold ETFs a 7-8% MTM pop. Jewellery stocks split: Titan and Senco rose 3.7%, while Sky Gold slid 7% and Kalyan eased 1.85%. Analysts flag 2-3 quarters of ETF and SGB inflows as physical demand cools.
India hiked gold/silver import duty to 15% from 6%, triggering 6.5% ETF rally and ~6% MCX gold surge. Jewellery stocks mixed; analysts expect ETF and SGB inflows to accelerate over 2-3 quarters as buyers shift from physical.