India Hikes Gold Import Duty to 15% from 6%; MCX Futures Slip, Wedding Demand at Risk
Duty shock lifts landed costs for Tanishq, Kalyan and Malabar just as wedding season nears. MCX gold at Rs 1,61,908/10g, silver Rs 2,97,890/kg. FY26 gold imports already up 24% to $71.98bn despite shipment volumes falling 4.76% to 721 tonnes. PM's appeal to defer purchases adds demand-side drag; ETFs likely to gain share over physical bullion.
India hiked gold and silver import duty to 15% from 6%, with PM urging postponed gold purchases. Jewellery retailers face higher landed costs; analysts expect wedding-season demand softening and investor shift toward Gold ETFs over physical bullion.