New Delhi, May 13 -- Prime Minister Narendra Modi this week urged Indians to postpone buying gold for at least one year, arguing that heavy bullion imports are putting pressure on India's foreign exchange reserves at a time of heightened geopolitical uncertainty due to the ongoing West Asia crisis.

The appeal came alongside a sharp hike in import duties on precious metals. India has raised the effective import tariff on gold and silver to 15% from 10% earlier, reversing the duty cuts announced in 2024. The revised rates, notified by the finance ministry on May 12, came into effect from May 13.

The government increased the basic customs duty on several categories of gold and silver imports to 10% from 5%, while the 5% Agriculture Infrast...