Gold Rates Today: 18K, 22K and 24K Prices in Delhi, Mumbai and Chennai After Import Duty Hike
The government has sharply increased import duties on gold and silver, raising them from 6% to 15% in a move aimed at reducing foreign purchases of precious metals and protecting India’s foreign exchange reserves. The decision is expected to cool demand in one of the world’s largest gold-consuming markets.
The timing of the move is significant, coming just days after Prime Minister Narendra Modi urged citizens to avoid buying gold for a year in the national interest. The appeal was made amid growing economic stress linked to ongoing tensions in the Middle East and their impact on global markets.
Officials believe the higher tariffs will help reduce import volumes, narrow the trade deficit, and offer some support to the Indian rupee, which has been under pressure in recent months.
Gold prices react as duties rise
Following the duty hike, gold prices have seen movement across major Indian cities, including Delhi, Mumbai, Kolkata, and Chennai, reflecting the immediate impact of policy changes on the domestic bullion market.
Check out the city wise price here:
Impact on economy and currency
Economists say the higher tariffs could help narrow India’s trade deficit and offer some support to the rupee, which has recently been among Asia’s weaker-performing currencies. The government has been increasingly concerned about the rising bill for bullion imports and its effect on the country’s external balance.
The Global Trade Research Initiative (GTRI), an economic think tank, has warned that surging gold imports are straining India’s financial position. It has backed the Prime Minister’s call for restraint in gold buying, arguing that reduced demand could help ease pressure on reserves and improve the trade balance.
Sharp rise in gold imports
India’s gold bar imports have surged sharply over the past few years, rising from $36.5 billion in 2022 to $58.9 billion in 2025. A larger share of these imports has come from the United Arab Emirates, highlighting stronger trade flows under recent bilateral agreements.
GTRI has also suggested a review of existing free trade arrangements, particularly tariff concessions under the India-UAE trade agreement, stating that such benefits may have contributed to the surge in imports.
With higher import duties now in place, policymakers expect a cooling effect on demand for precious metals in the short term. The broader goal is to reduce dependence on imports, stabilize external finances, and support long-term macroeconomic stability.
Disclaimer: This information is meant for general awareness and is based on publicly available data. Gold and silver prices change frequently throughout the day. Please check with your local jeweller or financial advisor before making any investment or purchase decision.
The timing of the move is significant, coming just days after Prime Minister Narendra Modi urged citizens to avoid buying gold for a year in the national interest. The appeal was made amid growing economic stress linked to ongoing tensions in the Middle East and their impact on global markets.
Officials believe the higher tariffs will help reduce import volumes, narrow the trade deficit, and offer some support to the Indian rupee, which has been under pressure in recent months.
Gold prices react as duties rise
Following the duty hike, gold prices have seen movement across major Indian cities, including Delhi, Mumbai, Kolkata, and Chennai, reflecting the immediate impact of policy changes on the domestic bullion market. Check out the city wise price here:
Impact on economy and currency
Economists say the higher tariffs could help narrow India’s trade deficit and offer some support to the rupee, which has recently been among Asia’s weaker-performing currencies. The government has been increasingly concerned about the rising bill for bullion imports and its effect on the country’s external balance.The Global Trade Research Initiative (GTRI), an economic think tank, has warned that surging gold imports are straining India’s financial position. It has backed the Prime Minister’s call for restraint in gold buying, arguing that reduced demand could help ease pressure on reserves and improve the trade balance.
Sharp rise in gold imports
India’s gold bar imports have surged sharply over the past few years, rising from $36.5 billion in 2022 to $58.9 billion in 2025. A larger share of these imports has come from the United Arab Emirates, highlighting stronger trade flows under recent bilateral agreements. GTRI has also suggested a review of existing free trade arrangements, particularly tariff concessions under the India-UAE trade agreement, stating that such benefits may have contributed to the surge in imports.
With higher import duties now in place, policymakers expect a cooling effect on demand for precious metals in the short term. The broader goal is to reduce dependence on imports, stabilize external finances, and support long-term macroeconomic stability.
Disclaimer: This information is meant for general awareness and is based on publicly available data. Gold and silver prices change frequently throughout the day. Please check with your local jeweller or financial advisor before making any investment or purchase decision.
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