Indian Gold and Silver Futures Jump on Tariff Hike
Indian gold and silver futures rose over 7 percent after New Delhi hiked import tariffs to 15 percent. The move aims to curb imports and protect forex reserves.
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India raised import duties on precious metals to 15% on May 13, triggering an immediate price surge in domestic markets. Gold futures jumped 7.2% to 164,497 rupees per 10 grams, while silver climbed 8% to 301,429 rupees per kg. The move aims to stabilize foreign exchange reserves by curbing high-volume overseas purchases.
### New Delhi Targets Metal Inflows The government increased the import tariff on gold and silver from 6% to 15%. Official government orders detailed the shift as a measure to ease pressure on national reserves.
