Gold and silver prices in India surged sharply after the government increased import duties on precious metals. The move raised the total duty to about 15%, making imported gold and silver more expensive in the domestic market.
Following the change, gold prices jumped to around ₹1,62,010, while silver rose to about ₹3,10,100. The sharp increase reflects higher landed costs as India imports most of its gold and silver demand.
The duty hike is aimed at reducing imports and helping control pressure on the current account deficit. India is one of the world’s largest consumers of gold, and changes in import taxes quickly impact domestic prices.
Market experts said the rise in prices is mainly policy-driven rather than due to global demand changes. Jewellers reported weaker short-term buying as higher prices reduced retail demand, especially in the jewellery segment.
However, investment demand for gold is expected to remain steady as it is seen as a safe asset during uncertain global conditions. Silver demand is also expected to stay supported due to its industrial use in electronics and clean energy sectors.
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