Higher taxes drive India's gold imports to 3-decade low
Business
India's gold scene is slowing down, thanks to higher taxes on gold and jewelry. Prices are up, and imports have dropped big time.
Gold imports fell from 100 metric tons in January to just 15 metric tons in April 2026, hitting a three-decade low.
With domestic prices expected to reach ₹167,000 to ₹168,000, experts say demand could shrink by 10% to 15% by 2026 compared to last year's numbers.
Refinery shutdowns keep silver prices high
While gold is taking a hit, silver might actually get a boost.
Global supply issues, especially refinery shutdowns for zinc and copper, have created a deficit of about 50 million to 60 million ounces this year.
That means silver prices could stay high for quite a while.