In first step after PM Modi’s appeal, government raises gold, silver duty to 15%

India’s gold duty hike widens UAE price gap as GCC jewellers brace for demand surge

The duty hike follows Prime Minister Narendra Modi's clarion call for curbs on gold purchases, along with other austerity measures, to reduce avoidable foreign-exchange expenditure.

India on Wednesday raised import tariffs on gold and silver to 15% from 6% as part of efforts to curb overseas purchases ​of the metals and ease pressure on the country's foreign exchange reserves.

On the Multi Commodity Exchange (MCX), gold contracts for June 5 delivery were trading at Rs 1,62,648 per 10 grams.