Now, let’s turn our attention to India. Effective May 13, the Government of India has raised the import duty—or import tax—on gold and silver from 6% to 15%. This means that importing gold and silver from abroad has now become significantly more expensive than before. India ranks among the world’s largest consumers of gold. The country imports substantial quantities of oil, gold, and silver from overseas. When the prices of these commodities rise, it places increased pressure on the Indian Rupee. The government aims to curb the purchase of foreign goods to minimize the outflow of dollars from the country and, in turn, strengthen the Rupee. It is for this reason that the government decided to hike the import duty. As soon as news of this tax hike broke, many investors in India began selling off their gold and silver holdings. Consequently, the market witnessed massive profit-booking. According to reports, gold prices in the domestic market dipped to approximately $200 per ounce below official rates. India is currently experiencing a sharp decline in gold imports. This impact is now becoming directly visible in import figures as well. In April, India imported a mere 0.66 million ounces of gold. This figure represents a decline of approximately 47% compared to the average of the last five years. In essence, people are now purchasing less gold, and import volumes are simultaneously shrinking. For complete details, please watch this video.

Gold Price : सोने, चांदी पर सरकार के नए फैसले से हड़कंप, कीमतों में आई भारी गिरावट! | Sona Chandi

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