India gold discounts hit record $207/oz as 15% duty hike empties jewellery counters
A duty jump to 15% from 6% plus a 3% levy pushed domestic gold to ₹164,497 per 10g, triggering profit-taking and ETF selling. Jewellers and retail buyers stepped back, while dealer smuggling margins doubled to 18%, threatening festive-season organised-retail volumes in hubs like Mumbai and Chennai.
India's gold import duty hike to 15% triggered record $207/oz physical market discounts as investors booked profits and ETFs saw selling. Retail buyers and jewellers stayed away; dealers warn smuggling margins have doubled to 18%.