Gold, Silver Rate Today Live Updates: Gold prices dip, on track for third weekly loss

Gold, Silver Rate Today Live Updates: Gold accounts for more than 5% of India's total imports.

In FY26, India's gold imports climbed 24% to a record $71.98 billion.

However, on a volume basis, imports declined 4.76% to 721.03 tonnes.

India, the world's second-largest consumer of gold after China, imports large quantities of the metal primarily to meet demand from the jewellery industry.

These purchases result in substantial foreign exchange outflows.

The increase in import duty followed Prime Minister Narendra Modi's call for moderation in gold purchases and greater fiscal prudence to curb avoidable spending of foreign exchange reserves.