The government has hiked import tariffs on gold and silver to 15% from 6% in an effort to cut down on overseas purchases of the metals. The step has been taken to ease pressure on the country’s foreign exchange reserves, Reuters reported. The sharp increase in duties comes just days after Prime Minister Narendra Modi urged Indians to avoid buying gold for a year in the national interest amid rising economic pressures linked to the ongoing Middle East conflict.
ALSO READ: India raises gold and silver tariffs to 15% to curb imports, support rupee
As the government has raised import tariffs on gold and silver to 15% from 6%, the gold prices today have changed. Here's a look at the gold rates in Delhi, Mumbai, Kolkata, Chennai, and other major Indian cities today:
| City | 24K Gold | 22K Gold | 18K Gold |
|---|---|---|---|
| New Delhi | ₹1,54,140 | ₹1,41,310 | ₹1,15,650 |
| Mumbai | ₹1,53,990 | ₹1,41,160 | ₹1,15,520 |
| Chennai | ₹1,54,300 | ₹1,41,450 | ₹1,15,780 |
| Kolkata | ₹1,54,050 | ₹1,41,250 | ₹1,15,600 |
| Bengaluru | ₹1,54,100 | ₹1,41,300 | ₹1,15,640 |
| Hyderabad | ₹1,54,000 | ₹1,41,200 | ₹1,15,550 |
| Ahmedabad | ₹1,54,120 | ₹1,41,320 | ₹1,15,660 |
| Pune | ₹1,54,020 | ₹1,41,220 | ₹1,15,570 |
| Lucknow | ₹1,54,090 | ₹1,41,290 | ₹1,15,620 |
| Patna | ₹1,54,080 | ₹1,41,280 | ₹1,15,610 |
Gold import duty hiked
India has significantly increased import tariffs on gold and silver to 15% from 6% to curb imports and protect foreign exchange reserves. The higher tariffs are likely to reduce demand in India, the world’s second-largest consumer of precious metals. Economists believe the move could help shrink the country’s trade deficit and provide support to the rupee, which has been among Asia’s weakest-performing currencies in recent months. The tariff increase comes amid growing government concerns over the sharp rise in gold imports and their impact on India’s foreign exchange reserves and overall trade balance.
The Global Trade Research Initiative said rising bullion imports were putting severe pressure on India’s external finances. “GTRI has supported Prime Minister Narendra Modi’s appeal asking Indians to avoid buying gold for a year as rising bullion imports are hurting India’s foreign exchange reserves and trade balance,” the think tank said in a report.
According to GTRI data cited by The Times of India, India’s gold bar imports increased from $36.5 billion in 2022 to $58.9 billion in 2025, with imports from the UAE making up a growing share.
“At the same time, GTRI has urged the government to review its FTA policies, especially tariff concessions on precious metal offered to Dubai under the India-UAE trade deal, which it says have significantly contributed to the recent surge in gold imports,” the report added.
