India raises import duties on gold and silver to 15%
India just bumped up import duties on gold and silver from 6% to 15%, a move aimed at protecting the rupee as global oil prices soar.
Platinum's duty also got a boost, now at 15.4%.
The new rates include a basic customs duty plus an agriculture infrastructure and development levy, making precious metals pricier to bring in.
Oil surge strains India's forex reserves
With crude oil prices hitting $115 per barrel thanks to Middle East tensions, India's foreign exchange reserves are feeling the heat.
Gold imports alone cost nearly $72 billion in FY26, second only to oil.
By raising duties, the government wants people to spend less on gold and silver so it can focus resources on essentials like fuel and fertilizers.
But experts warn this could lead to more smuggling.
Gold and silver futures rise 6%
Right after the news broke, gold and silver futures rose 6% on MCX.
This spike might make buying these metals tougher for regular folks, and could shake up the market for a while.