Punjab Newsline | New Delhi
The Indian government on Wednesday increased the import duty on gold and silver from 6% to 15% in a bid to curb the rising import bill and discourage non-essential imports of precious metals amid the ongoing West Asia crisis.
The move comes shortly after Prime Minister Narendra Modi urged citizens to exercise restraint in gold purchases and adopt cost-saving measures to conserve foreign exchange reserves. Following the appeal, the Finance Ministry issued a notification revising the Social Welfare Surcharge and Agriculture Infrastructure and Development Cess, effective from May 13.
With the latest revision, the total import duty on gold has now climbed to 15%. India’s gold imports surged by more than 24% in FY 2025-26, touching a record $71.98 billion. However, in terms of quantity, imports declined by 4.76% to 721.03 tonnes.
Gold prices have also witnessed a sharp rise. The average gold price increased from $76,617 per kilogram in FY 2025 to $99,825 per kilogram in FY 2026.
Gold, Silver Prices Surge in Delhi
In the national capital on Tuesday, gold prices jumped by Rs 1,500 to reach Rs 1,56,800 per 10 grams, while silver prices surged by Rs 12,000 to Rs 2,77,000 per kilogram.
International Gold Prices Decline
Meanwhile, in the international market, gold prices slipped by 1% to $4,692.64 per ounce, while silver prices fell 3.04% to $83.49 per ounce.
India Remains World’s Second-Largest Gold Consumer
India is the world’s second-largest consumer of gold after China, with demand driven largely by the jewellery sector.
