India Doubles Gold, Silver Tariffs to 15% as Rupee Defense Threatens Nifty

10 articles · Updated · Bloomberg · May 13

Import duties on gold and silver have been raised from 6% to about 15%, a rupee-supporting step that may keep Indian equities under pressure after four straight sessions of losses.
The government is using the tariff shock to curb bullion demand and broader consumption, signaling it is prepared to sacrifice some domestic spending to bolster the struggling currency.
Jewelry stocks are seen facing the most immediate hit as higher import costs cool purchases, while the wider market braces for the possibility of more defensive policy measures.
Asian equities' rebound could offer some support at the open, but the tariff move underscores how the Middle East war's economic fallout is feeding into India's currency and market stress.

With India's rupee at a record low, are gold tariffs enough to prevent a full-blown economic crisis?

Could tapping into India's massive household gold reserves be the real key to fixing its trade deficit?