India hikes gold import duty to 15% from 6%, jolting jewellery demand and lifting gold-loan collateral
Effective duty (BCD 10% + AIDC 5%) targets a Q1 FY26 surge of 58% YoY in gold imports to 186 tonnes as rupee slid to 95.64/USD and Brent hit $107. Titan, Kalyan and Sky Gold face near-term demand risk with domestic prices up 81% YoY to Rs1.51 lakh/10g; Muthoot and Manappuram gain on richer collateral.
India raised effective gold/silver import duty to 15% from 6% to curb imports amid rupee weakness and oil shock. Jewellers Titan, Kalyan, Sky Gold face demand risk; Muthoot and Manappuram benefit from higher collateral values. Smuggling revival risk flagged.