India hikes gold, silver tariffs to 15%, Reuters reports

India has raised effective import tariffs on gold and silver to 15% from 6% to curb precious metal imports and support foreign exchange reserves and the rupee, though the move may weaken domestic demand and risk a rise in smuggling, Reuters’ Rajendra Jadhav, Aditya Kalra, and Mayank Bhardwaj report. “As expected, the government has raised duties to curb the current account deficit. However, this could affect demand, as gold and silver prices were already elevated,” said Surendra Mehta, national secretary at the India Bullion and Jewellers Association. Publicly traded companies in the space include Newmont (NEM), Gold.com (GOLD), Agnico Eagle Mines (AEM), and Franco-Nevada (FNV).