The government increased the standard import duty on gold from 7.5 percent to 12.5%. As the rupee fell to a historic low, this action was taken in an effort to reduce imports.
As demand increased due to the pandemic, India imported the most gold in ten years last year.
Leading jewellers in the nation petitioned the government to decrease the import duty on gold from 7.5% to 4% in Budget 2022 to stop gold smuggling earlier this year.
For the purpose of bolstering the home market, nations like China, the United States, and Singapore eliminated the import tax on gold.
As rising US Treasury yields weighed on demand for the zero-yield metal, gold prices dipped slightly on Friday in the international markets and were on pace for a third straight weekly fall. As of 01:03 GMT, spot gold was trading at $1,805.39 per ounce, down 0.1% from the previous session's more than six-week low of $1,801.50. At $1,806.40, US gold futures remained unchanged.
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