India hikes gold, silver import duty to 15%; demand seen resilient but smuggling risk doubles
Government raises precious metals import duty from 6% to 15% to curb $84B in non-essential imports. Analysts expect limited demand impact given festival and cultural buying, but grey market margins jump to 18%, with smuggling profits hitting Rs 30 lakh per kg.
India hiked gold and silver import duty to 15% from 6% to curb non-essential imports. Analysts expect minimal demand impact given cultural staples and festival demand, but smuggling risk rises sharply with grey market margins doubling to 18%.