India raises import tariffs on Gold and Silver to 15% - Reuters
The Indian government has raised import tariffs on Gold and Silver to 15% from 6%, in an attempt to discourage the purchase of precious metals to ease pressure on the nation’s foreign exchange reserves, Reuters reports.
The increase in import tariffs on gold and silver is likely to lead to a decrease in demand for these metals in India, potentially causing prices to decline. Traders may react by shorting XAUUSD and XAGUSD in anticipation of lower prices.
The Indian government has raised import tariffs on Gold and Silver to 15% from 6%, in an attempt to discourage the purchase of precious metals to ease pressure on the nation’s foreign exchange reserves, Reuters reports.
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