The government has increased the import duty on gold and silver, leading to a sharp rise in their prices in the domestic market. The total import tax has now gone up to around 18.45%.

Following this decision:

▪️ Gold prices have increased by around ₹9,000 per 10 grams

▪️ Silver prices have surged by about ₹16,000 per kilogram

The government stated that this step has been taken to reduce pressure on foreign exchange reserves and to control non-essential imports.

Meanwhile, the Indian rupee also weakened and touched a record low of 95.80 against the US dollar before closing at 95.67.

Experts believe that price fluctuations may continue in the coming days.