New Delhi, May 13: Gold and silver prices surged by up to 8 percent across Indian markets after the Central Government sharply increased import duty on precious metals from 6 percent to 15 percent.
The sudden rise comes amid growing tensions in West Asia and increasing pressure on India’s foreign exchange reserves. Market experts said the higher import duty has made gold and silver more expensive in the domestic market, leading to a sharp price spike.
Jewellers and traders expressed concern over the impact on buyers, especially during the wedding season, as precious metals may become costlier in the coming weeks.
Economic analysts believe the government’s move is aimed at reducing imports and controlling pressure on the country’s forex reserves.