India Doubles Gold Import Duty to 10%; MCX Futures Spike 6%, PM Urges Wedding Buyers to Wait
Government doubled import duty on gold, silver and platinum to 10% effective May 13, lifting MCX gold to Rs 1,62,334/10g and silver to Rs 2,95,805/kg. PM Modi asked households to defer wedding gold purchases for a year to ease pressure on FX reserves after FY26 gold imports hit $71.98bn, up 24%. Tanishq, Kalyan and Titan face demand shock.
Government doubled gold, silver and platinum import duties to 10% effective May 13, sending MCX gold and silver futures up 6%. PM Modi urged citizens to defer wedding gold purchases for a year to protect FX reserves.