Gold import duties could slash India inflows and lift domestic prices fast

New duties may cool demand but spike local gold costs

India’s bullion market is set for a reset as higher import duties on gold and jewellery threaten to cool demand and shrink imports. Analysts expect the supply shift to push up domestic gold prices, with knock-on effects for jewellery buyers and gold ETF investments. Silver, in contrast, may gain from global supply deficits and disruption risks.