The Indian government increased the import duty on silver and gold from 6% to 15%.
The new rates became effective at midnight. This measure targets a reduction in non-essential imports to support the depreciating rupee. The policy also aims to contain the national trade deficit during ongoing geopolitical stress.
The hike follows a recent request from the Prime Minister for citizens to limit precious metal purchases. Domestic silver prices on the Multi Commodity Exchange (MCX) rose sharply after the announcement. The July 2026 silver contract gained 6% in early trading.
Higher costs are expected to dampen physical demand in India’s bullion market. International silver prices remained stable as markets monitored the U.S.-China summit and Middle East tensions.