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India not planning to raise gold or silver import duties
NewsBytes | May 11, 2026 6:40 PM CST

Jewelry stocks tumble after Modi appeal

Modi called saving dollars a "national responsibility," but his appeal made jewelry stocks tumble: Sky Gold dropped more than 12%, Senco Gold fell 11%, and Kalyan Jewellers fell nearly 10%.
With India's gold import bill hitting $72 billion in FY26, the government is nudging people toward financial assets like deposits and mutual funds instead of stacking up on gold.


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