India raises gold, silver tariffs to 15% to curb imports, support rupee: Report

India has raised import tariffs on gold and silver to 15% from 6% as part of efforts to curb overseas purchases of the metals and ease pressure on the country's foreign exchange reserves. The higher duties may help narrow India's trade deficit and support the rupee, but could dampen demand in the world's second-largest consumer of precious metals. Industry officials warn that higher duties could revive smuggling, which had eased after India cut tariffs in mid-2024.