OREANDA-NEWS  India, which is considered one of the largest buyers of gold in the world, has increased import duties on this precious metal and silver from 6 to 15 percent. This was reported by CNBC.

This happened just a few days after the Prime Minister of this BRICS country, Narendra Modi, called on citizens to reduce purchases of precious metals, as this puts pressure on the rupee. In this regard, CNBC referred to data from the World Gold Council, according to which in the first two months of 2026, the average monthly gold imports to India increased to 83 tons, compared with an average of 53 tons in 2025. The reason for this dynamic was high demand, which doubled in the first quarter of 2026. However, this trend is seriously increasing the country's costs, which are already growing due to the surge in energy prices and disruptions in their supply from the Middle East.

According to economist Vishrut Rana, reducing gold imports can indeed help India reduce the outflow of funds, but the rupee will continue to be under pressure due to the high cost of energy.