Gold tops Rs 1.6L, silver breaches Rs 3L after India lifts import duty to 15%
MCX gold hit Rs 1,61,504 per 10g and silver crossed Rs 3,00,500 per kg after the Centre raised bullion import duty from 6% to 15% to protect forex reserves. Jewelry chains Tanishq, Kalyan, Malabar and Senco face margin pressure as the PM urges buyers to postpone gold purchases. FY26 gold imports already up 24% to $71.98B.
What happened
India hiked gold and silver import duty to 15% from 6% to curb non-essential imports and protect forex reserves, sending MCX gold above Rs 1.6 lakh per 10g and
Key facts
- Gold import duty hiked to 15% from 6%
- MCX gold Rs 1,61,504 per 10g
- MCX silver Rs 3,00,500 per kg
- Gold imports up 24% to $71.98 billion in FY26
- Volume fell 4.76% to 721.03 tonnes
Why this matters
Distressed regional jewelers and bullion-dependent SMEs become acquisition targets as the duty shock and $71.98B FY26 import bill accelerate consolidation toward scaled, hedged, omnichannel chains.