70% drop in gold demand: Import duty hike from 6% to 15% rattles buyers

May 30, 2026 - 14:30
70% drop in gold demand: Import duty hike from 6% to 15% rattles buyers

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India's gold demand has plummeted by nearly 70% following a government increase in import duty from 6% to 15%. This, coupled with rising fuel and food prices, has significantly dampened consumer sentiment and spending on discretionary items like gold.

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