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.
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 silver past Rs 3 lakh per kg, pressuring jewelry retailers like Tanishq and Kalyan.