New Delhi, May 20 -- The domestic precious metals market is adjusting to a major policy reset. The government has raised import duty on gold and silver by about 9%, including cess. At the same time, silver imports have shifted from 'free' to 'restricted' status, while gold imports now face tighter controls.

While these domestic measures were introduced to manage the national reserve, they have raised concerns about local supply, pricing transmission, and the premiums on exchange traded funds (ETFs).

Despite near-term uncertainty, experts maintain a constructive long-term view. They argue that current supply constraints and pricing frictions are temporary, while global macro drivers remain supportive.

Following the announcement, domesti...