Govt source says gold import fell 70% to 30 tonnes per month post duty hike
This story was originally published at 13:16 IST on 18 June 2026
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NEW DELHI – The government has seen a 70% reduction in gold imports since the hike in duty on precious metals to 15%, a senior finance ministry official said Thursday. Import duty on gold and silver had been increased to 15% from 6% from May 13.
"Gold imports came down to 25-30 tonnes every month after the import duty hike, from 75-100 tonnes previously," the official said.
Gold imports fell 39% on month to $3.42 billion in May from $5.63 billion in April. However, inbound shipments were 34% higher from May 2025. During Apr-May, gold imports rose 60% on year to $9.04 billion.
The duty was hiked soon after Prime Minister Narendra Modi urged people to reduce fuel consumption and avoid non-essential gold purchases to reduce India's import bill and save foreign exchange. Over the last several weeks the Indian currency weakened due to increased demand for dollars to finance imports, particularly crude oil, following supply disruptions. End
US$1 = INR 94.37
Reported by Sagar Sen
Edited by Akul Nishant Akhoury
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