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India raises gold and silver tariffs to 15% to curb imports, support rupee
The hike could cut demand by 10% to 15%, industry executives said, as officials seek to curb imports and support foreign exchange reserves.
- On Wednesday, the Indian government raised import duties on gold and silver to 15 percent from 6 percent, according to a finance ministry notification aimed at reducing precious metal imports and easing pressure on foreign exchange reserves.
- Gold futures on the Multi Commodity Exchange rose by nearly 6% to Rs 1.62 lakh per 10 grams on Wednesday, while silver futures jumped by more than 6% to Rs 2.96 lakh per kg.
- After reaching a record low of 95.6 on Tuesday, the Indian currency improved marginally to 95.5 against the United States dollar on Wednesday as the India VIX index increased 2.1%.
- Following Tuesday's losses exceeding Rs 11 lakh crore, the Sensex fell 0.07% as of 11 am on Wednesday while the Nifty index rose 0.06%.
- Major Asian stock indices showed mixed results, with South Korea's Kospi rising 2.2% while benchmark Brent crude traded at $106 per barrel on Tuesday amid elevated global oil prices.
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·Portugal
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Gold, silver prices jump after Centre hikes import tariffs
The prices of gold and silver in India jumped sharply on Wednesday after the Union government increased import duties on the precious metals, making them more expensive in the domestic market.Gold futures on the Multi Commodity Exchange had risen by nearly 6% to Rs 1.62 lakh per 10 grams as of 10.55 am. Silver futures had jumped by more than 6% to Rs 2.96 lakh per kg.The sharp increase came after the government on Tuesday increased import duties…
·India
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Coverage Details
Total News Sources34
Leaning Left4Leaning Right6Center3Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 31%
C 23%
R 46%
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