Indian government raises import duties, lifting gold and silver prices
Business
Gold and silver prices shot up in India today, thanks to the government raising import duties.
On the MCX, gold climbed above ₹1.62 lakh per 10gm, while silver reached ₹2.95 lakh per kilogram.
The hike is meant to help with issues like trade deficits and foreign reserves, but it's definitely making these metals pricier.
Gold, silver duties raised to 15%
Import tax on gold and silver jumped from 6% to 15%, including a 5% Agriculture Infrastructure and Development Cess.
The idea is to cut down on imports and keep the currency stable.
Still, higher taxes could mean less demand, and maybe even a comeback for smuggling if prices stay high.