India Raises Gold Import Duties to 15% Amid Rupee Pressure. India, the world's second-largest gold consumer, has increased import duties on gold and silver to 15% from 6% as Prime Minister Narendra Modi urges citizens to pause bullion purchases for one year. The move comes as surging gold imports strain the country's current account, with gold and silver comprising nearly 11% of total imports. India's gold import demand surged to an average of 83 tonnes monthly in early 2026, up from 53 tonnes in 2025, driving imports to a record $25 billion in the first quarter. Rising Middle East tensions and elevated energy costs have already widened India's merchandise trade deficit to over $330 billion, weakening the rupee to record lows.
