India gold imports drop more than 65% after duty rises to 18.4% on May 13, 2026

India raised its customs duty on gold imports to 18.4% from 9.2% starting May 13, 2026, and has not yet reinstated banks as designated gold importers, leaving only three authorised entities. Monthly gold import volumes have fallen to 2530 metric tonnes (MT) from 75100 MT previously, a drop of more than 65%, according to a senior government source. As the world’s second-largest gold consumer after China, India’s import slump is affecting global physical gold flows. Silver duties were also raised, and the tighter import channel is expected to exert similar spillover pressure.