India hikes gold tariffs

India has more than doubled its import duties on gold and silver to 15% in an urgent effort to curb bullion purchases and support the declining rupee.

The move follows an appeal from Prime Minister Modi for citizens to restrain from unnecessary foreign spending.

The tariff hike is intended to reduce the trade deficit and protect the country's foreign exchange reserves amid global economic uncertainty.

Industry experts warn that the higher costs could impact domestic demand and the jewelry sector in the coming months.