Gold demand in India fell about 70 percent after the government raised import duties. Industry estimates put demand at 7.5 tonnes for the fortnight ended May 27, down from 25 tonnes a year earlier.
The duty on gold imports rose to 15 percent from 6 percent, effective May 13. The change directly affected consumer purchases in the following weeks.
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Prime Minister Narendra Modi has urged citizens to reduce spending on gold and petroleum products amid falling foreign exchange reserves and rising import bills linked to the West Asia conflict.
The Indian government has increased customs duties on gold, silver and platinum to curb imports and preserve foreign exchange reserves amid rising oil prices from the West Asia conflict.
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India’s June GST collections increased 13.9 percent year-on-year to ₹1.95 lakh crore, driven mainly by a 34.6 percent surge in import IGST. Domestic collections grew at a slower 6.5 percent pace. The rise reflects higher import values amid currency depreciation and elevated global prices rather than broad domestic growth.
Gold prices have declined for a second consecutive week. Rising oil costs and worries over potential U.S. Federal Reserve interest rate hikes are weighing on the metal's appeal.
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Gold prices in Egypt fell 2.7 percent in May 2026 as the Egyptian pound strengthened and global markets weakened.