India raises gold and silver tariffs to 15% to curb imports, support rupee

Government has ​raised import tariffs on gold and silver to 15% from 6%, government ‌orders said on Wednesday (May 13, 2026), as part of efforts to curb ​overseas purchases of the metals and ease pressure on ⁠the country’s foreign exchange reserves.

The higher duties could dampen demand in the world’s second-largest consumer of precious metals, although they may help narrow India’s trade ‌deficit and support the rupee, one of Asia’s worst-performing currencies.

However, industry officials warned higher import taxes could revive smuggling, ‌which had eased after India cut tariffs in mid-2024.