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India raises gold and silver tariffs to 15% to curb imports, support rupee
The hike could cut demand by 10% to 15%, industry executives said, as officials seek to curb imports and support foreign exchange reserves.
- On Wednesday, the Indian government raised import duties on gold and silver to 15 percent from 6 percent, according to a finance ministry notification aimed at reducing precious metal imports and easing pressure on foreign exchange reserves.
- Gold futures on the Multi Commodity Exchange rose by nearly 6% to Rs 1.62 lakh per 10 grams on Wednesday, while silver futures jumped by more than 6% to Rs 2.96 lakh per kg.
- After reaching a record low of 95.6 on Tuesday, the Indian currency improved marginally to 95.5 against the United States dollar on Wednesday as the India VIX index increased 2.1%.
- Following Tuesday's losses exceeding Rs 11 lakh crore, the Sensex fell 0.07% as of 11 am on Wednesday while the Nifty index rose 0.06%.
- Major Asian stock indices showed mixed results, with South Korea's Kospi rising 2.2% while benchmark Brent crude traded at $106 per barrel on Tuesday amid elevated global oil prices.
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‘To buy or not to buy gold’ dilemma of families chills Hyderabad jewellery trade as 15% import duty on gold hits home
Wild fluctuations in gold prices and a hike in import duty triggered panic across Hyderabad’s jewellery markets, with traders reporting a sharp drop in customers and fears of severe losses for small retailers.
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Coverage Details
Total News Sources55
Leaning Left5Leaning Right8Center5Last UpdatedBias Distribution44% Right
Bias Distribution
- 44% of the sources lean Right
44% Right
L 28%
C 28%
R 44%
Factuality
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