MUMBAI: India, the world's second-largest gold consumer, has raised tariffs on gold and silver to 15% from 6% in a bid to curb imports and ease pressure on its foreign exchange reserves, as the Iran war strains New Delhi's balance of payments.
India meets nearly all of its domestic gold demand through imports and has repeatedly sought to curb consumption. Gold is deeply woven into India's weddings, festivals and cultural traditions, making purchases more essential than discretionary.
