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India hikes gold and silver import tariff values from May 16 raising costs and easing forex pressure
Economy
Published on 15 May 2026
Gold now priced for duty at $1508 per 10g
India’s CBIC has raised customs tariff values for gold, silver, crude palm oil and soybean oil to manage import costs amid global commodity swings. Gold in any form will now attract a tariff value of $1,508 per 10 grams, while silver is set at $2,810 per kilogram. The changes take effect May 16, 2026. Policymakers are also acting to limit pressure on foreign exchange reserves, especially during geopolitical strain from the West Asia conflict.
- Gold tariff valuation rises to $1,508 per 10 grams from $1,456
- Silver tariff valuation increases to $2,810 per kilogram from $2,603
- Crude palm oil and soybean oil valuations set at $1,205 and $1,256 per tonne
- New rates begin on May 16, 2026
- Move follows earlier duty hikes on gold and silver to 15% from 6%
- India imports over $50 billion in gold annually, potentially lifting domestic prices
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times