India hikes bullion import duties as the world's second-largest gold market faces a declining rupee

Gold pure gold bar models captured in Shanghai, China on March 15, 2026. Cfoto | Future Publishing | Getty Images India , the world's second-largest gold consumer, has raised import duties on gold and silver to 15% from 6%, just days after Prime Minister Narendra Modi urged citizens to curb bullion purchases for a year as overseas purchases pressure the rupee. The government has imposed a 10% basic customs duty and a 5% tax on gold and silver imports, as per notifications issued on Wednesday. …