India doubles gold import duty to 10% to shrink deficit
Business
India has doubled its import duty on gold and other precious metals (from 5% to 10%), hoping to cut down on imports and shrink the trade deficit.
This means buying gold jewelry or investing in gold could get more expensive, especially as global prices keep shifting.
Experts warn of cooling demand, smuggling
Experts say pricier gold might cool off demand, but it could also lead to more smuggling like we've seen before.
The government hasn't hinted at changing its mind yet, and analysts are watching closely to see how shoppers react and if this move really helps balance India's trade numbers.