India hikes gold, silver import duty to 15%, caps gold imports at 100 kg per shipment
Centre raised gold and silver import duties from 6% to nearly 15% and imposed a 100-kg gold import cap to defend forex reserves. Move lands as MCX gold trades at ₹1,61,978/10gm and spot gold slips to $4,610/oz, threatening jewellery demand at Augmont and listed retailers ahead of the wedding season.
India hiked gold and silver import duties to nearly 15% from 6% and imposed a 100-kg gold import cap to protect forex reserves, moves likely to weigh on jewellery demand amid a global gold price slide.