Global gold prices down 24% since January, India's drop 20%

Business Nov 08, 2026

Gold prices have crashed by 24% worldwide since January, but in India, the drop is a bit less, just 20%.

That's mostly because India hiked its gold import duty to 15% in May, and the rupee has lost value against the US dollar.

So even though gold is cheaper globally, Indian buyers aren't seeing the full benefit.

Traders and import duty cushion Indians

Earlier this year, traders bumped up their prices expecting the duty hike, which kept local gold rates higher until traders offered discounts after the May duty increase and premiums were largely normalized by mid-October.

All these factors, higher duties, currency changes, and trader premiums, have teamed up to cushion Indian consumers from the global price slump.