Tehran Warns Of Devastating War As Netanyahu Escalates Attack In Lebanon | Watch

Gold demand in India has dropped by nearly 70 per cent after the government increased import duty on the precious metal from 6 per cent to 15 per cent earlier this month. Industry estimates showed demand fell to around 7.5 tonnes in the fortnight ending May 27, compared to nearly 25 tonnes during the same period last year. According to the India Bullion & Jewellers Association (IBJA), jewellers across the country have reported a sharp decline in purchases following the duty hike. Industry leaders said higher fuel and food prices linked to the Iran conflict have also weakened consumer sentiment. The effective tax burden on gold has risen to 18.45 per cent, while factors such as Adhik Maas and reduced investment interest have further contributed to the slowdown in demand.