Brief by Shorts91 Newsdesk / 04:00am on 13 May 2026,Wednesday Business
India has raised import tariffs on gold and silver to 15% from 6% in a major move aimed at curbing overseas purchases of precious metals and easing pressure on foreign exchange reserves. According to government orders issued on May 13, the decision is also expected to help narrow the country’s trade deficit and support the weakening rupee, currently among Asia’s worst-performing currencies. The higher duties could reduce demand in the world’s second-largest precious metals market, particularly as gold investment demand has surged amid rising prices and weak equity returns over the past year. The move comes amid broader government efforts to conserve foreign exchange during ongoing global economic uncertainty and rising energy pressures. (PC: ET Now)
