India doubles gold import duty to 15 percent in major trade policy shift.

India doubles gold import duty to 15 percent in major trade policy shift. The government raised tariffs on gold and silver from 6 percent to curb overseas purchases and protect foreign exchange reserves. This move targets the world's second-largest precious metals consumer, aiming to narrow India's trade deficit and support the rupee, which has been among Asia's weakest performers. Higher import costs will likely dampen domestic demand for gold and silver while potentially reducing pressure on the country's currency. The policy reflects efforts to stabilize macroeconomic conditions through trade measures rather than direct monetary intervention, signaling concerns about capital outflows and import-driven deficits in the current economic environment.