India Hikes Gold and Silver Import Tariffs to 15%, Silver Prices Fall Sharply

According to market data compiled by Jin10 Futures, India’s government recently announced a significant increase in import tariffs on gold and silver from 6% to 15%, and imposed restrictions on duty-free gold imports. The move triggered widespread selling pressure in silver markets. Meanwhile, the U.S. April retail sales rose 0.5% month-over-month with inflation accelerating, prompting a more hawkish tone from Federal Reserve officials and pushing the U.S. dollar and Treasury yields higher, adding further downward pressure on precious metals.

Data showed that the world’s largest silver ETF saw its holdings increase by 59.1 tonnes to 15,222.81 tonnes in recent sessions, reflecting investor repositioning amid heightened market volatility.