India raises import duties on gold and silver to 15%
NewsBytes | May 13, 2026 4:40 PM CST
Oil surge strains India's forex reserves
With crude oil prices hitting $115 per barrel thanks to Middle East tensions, India's foreign exchange reserves are feeling the heat.
Gold imports alone cost nearly $72 billion in FY26, second only to oil.
By raising duties, the government wants people to spend less on gold and silver so it can focus resources on essentials like fuel and fertilizers.
But experts warn this could lead to more smuggling.
Right after the news broke, gold and silver futures rose 6% on MCX.
This spike might make buying these metals tougher for regular folks, and could shake up the market for a while.
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