India, May 13 -- India's decision to sharply increase gold import duty to 15%, including 10% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess, has completely changed the conversation around the gold sector.

The move came just days after Prime Minister Narendra Modi publicly urged citizens to avoid gold purchases for one year amid pressure on India's foreign exchange reserves and a record FY26 gold import bill of nearly $72 billion. With crude oil prices already elevated, the government appears focused on reducing non-essential imports that are widening the current account deficit.

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