New Delhi, May 13 -- The Indian government has sharply hiked customs duties on precious metals like gold, platinum and silver, citing the need to conserve foreign exchange and protect the economy from growing global pressures stemming from the ongoing West Asia crisis.

Import duty on gold and silver has been raised from 6% to 15%, while platinum will now attract a duty of 15.4%, up from 6.4%. The changes also apply to related items such as gold and silver dore, coins, and findings.

Sources in the Finance Ministry said the move is aimed at moderating non-essential imports at a time when geopolitical tensions are driving volatility in crude oil markets and disrupting international shipping routes. As a major oil importer, India faces heig...