Kotak says India’s monthly gold import value fell to $2 billion in June 2026 from $7.4 billion in February
AI Market Summary
Kotak notes India's official gold import values have fallen sharply since May 2026, likely driven by higher import duties that pushed domestic prices ~9% above global levels and reduced household buying despite stable prices. The key market risk is whether demand is merely deferred or shifting to unofficial channels, which would distort reported flows, affect Indian tax receipts, and alter expectations for policy changes to gold duties or GST.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-3.68%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Kotak Institutional Equities said India’s official monthly gold import value has fallen sharply since May 2026, dropping to $2 billion in June and $2.3 billion in August, well below $7.4 billion in February. The firm attributed the slide to higher import duties that lifted domestic gold prices about 9% above global levels. It also said broadly stable domestic prices since February 2026 have reduced gold’s investment appeal for households. Kotak added that similar lulls and rebounds have followed import-duty changes in the past.
