Prime Minister Narendra Modi has urged for restraint in the use of petro products due to the West Asia crisis, emphasising the need to save foreign exchange and reduce the impact of war. He also highlighted India's progress in solar power and ethanol blending, while assuring support to Telangana's development.
Jewellers in Lucknow protest Prime Minister Modi's appeal to defer gold purchases for a year amid the West Asia crisis, fearing significant business losses and economic hardship for those involved in the trade.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
The case for long-term investment in gold, however, remains intact.
A significant structural shift is underway in India's gold market, with investment purchases projected to account for 35-40 per cent of total consumption by FY27, driven by geopolitical uncertainty, price momentum, and portfolio diversification.
Congress leader Rahul Gandhi has criticised Prime Minister Narendra Modi's call for citizens to make economic sacrifices in response to the West Asia conflict, calling it 'evidence of failure'. Gandhi accused Modi of shifting responsibility onto the public and being incapable of running the country.
India has capped gold imports under the Advance Authorisation scheme at 100 kg, a day after significantly increasing import duties on precious metals. This move aims to tighten conditions for duty-free gold imports by jewellery exporters and curb non-essential imports amidst a ballooning import bill.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
With duties at 15%, GST at 3%, and making charges running as high as 20% -- the gap between a smart purchase and a careless one can easily be Rs 30,000 to Rs 50,000 on every Rs 1 lakh invested. And most of that gap is entirely avoidable. Ramalingam Kalirajan explains the math.
Leading Indian jewellery bodies, including the All India Gem & Jewellery Domestic Council (GJC) and Malabar Gold & Diamonds, have expressed support for Prime Minister Narendra Modi's appeal to reduce gold imports and are advocating for enhancements to the Gold Monetisation Scheme (GMS) to unlock India's vast idle gold reserves.
'It has always been viewed as a hedge against inflation.'
'Customers do not recover the original making charges paid on old jewellery. Sentimental value is lost when heirlooms are exchanged.'
India's organised gold jewellery retail sector is projected to experience a 13-15 per cent year-on-year decline in sales volumes this fiscal, following an 8 per cent drop last year, due to elevated gold prices and a recent import duty hike, according to a Crisil report.
Despite a sharp increase in import duties on gold and silver to 15 per cent, the precious metals are trading at significant discounts in the domestic market, with gold seeing discounts of up to $200 an ounce and silver up to $6 an ounce.
The CBI has filed two chargesheets in connection with the siphoning of Rs 657 crore from Haryana government and Chandigarh Smart City Limited funds held at IDFC First Bank. The fraud involved fictitious transactions, shell entities, and alleged gold purchases and real estate investments, with IDFC First Bank having already reimbursed the Haryana government.
'Even last year, when India bought gold, the physical quantity was much less than the previous years.'
The gems and jewellery industry anticipates challenging times following the government's decision to increase gold import duty to 15 per cent, a move that exporters warn could fuel the grey market and heighten smuggling risks.
India's foreign exchange reserves increased by USD 938 million to USD 682.321 billion during the week ended May 28, according to the Reserve Bank of India, following a previous week's drop.
Prime Minister Narendra Modi has strongly refuted a media report suggesting the government is considering levying a tax, cess, or surcharge on foreign travel, calling the news "totally false".
Prime Minister Modi has urged citizens to adopt measures like judicious fuel use, postponing gold purchases, and deferring foreign travel to strengthen India's economy in the face of the West Asia conflict's adverse impact.
'What exactly is on the prime minister's mind, we do not know. But it feels like the government wants the country to be prepared for unseen challenges ahead.'
The Andhra Pradesh cabinet has recommended a series of measures, including 'No Vehicle Day,' online classes, and reduced foreign tours, to mitigate the economic impact of the Gulf war.
A jeweller in Beed district was allegedly assaulted and robbed of Rs 3 lakh by fraudsters who promised to sell him gold biscuits smuggled from Dubai. Two suspects were arrested after their motorcycle crashed during their escape, while others remain at large.
A gold jewellery firm in Bengaluru was allegedly cheated of Rs 3 crore by three men posing as wholesale buyers who decamped with ornaments.
India's foreign exchange reserves saw a significant drop of USD 7.511 billion, settling at USD 681.384 billion for the week ending May 22, as the Reserve Bank of India intervened in the forex market due to rupee pressure and the lingering effects of the Middle East conflict.
Amidst a sharp run-up in gold and silver prices, investors are advised to rebalance their portfolios by booking partial profits in precious metals and reallocating to domestic equities and debt, according to financial experts.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
India's foreign exchange reserves saw a significant drop of USD 8.094 billion, settling at USD 688.894 billion for the week ending May 15, as the Reserve Bank of India intervened in the forex market and global events like the Middle East conflict impacted the rupee.
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
Delhi Police have arrested three individuals, including a caretaker, for allegedly perpetrating a cyber fraud involving the misuse of a complainant's credit card details to purchase gold coins worth over Rs 9.58 lakh.
The new Companies Act that came in to force qualified the money mobilised by jewellery companies as deposits and as a result they had to discontinue such schemes.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
A new book, "Heroes: The Changemakers of Indian Sports" by journalist-author Thirumoy Banerjee, chronicles the inspiring journeys of 15 Indian athletes, including Manu Bhaker, C A Bhavani Devi, Nikhat Zareen, Aman Kumar Kadyan, and Sumit Antil. It highlights their determination, resilience, and triumphs over setbacks, offering insights into their paths to success and celebrating their unwavering spirit.
The Enforcement Directorate has frozen 90 bank accounts following searches related to the alleged siphoning of Rs 590 crore of Haryana government funds through IDFC First Bank, involving shell companies and bogus billing for gold purchases.
Rajesh Mehta, Chairman of Rajesh Exports, has distanced his firm from LIC's investment decisions, stating, "We don't even know where LIC's office is. We have no contact, no connection. This decision of buying shares through the secondary market is their own decision in a prudent commercial manner."
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Why would a country that requires close to $90 billion in net foreign capital annually to create jobs, build productive capacity, and sustain rapid growth permit $30 billion of capital to flow abroad, thereby contributing to pressure on the rupee? asks Debashis Basu.
Ludhiana Police have busted a large cyber fraud racket, arresting 132 people involved in running fake call centres that targeted foreign nationals through various online scams.
Silver prices surged by Rs 11,800 to Rs 2.57 lakh per kg and gold advanced by Rs 3,000 to Rs 1.58 lakh per 10 grams in the national capital, driven by fresh buying from jewellers and stockists ahead of Akshaya Tritiya.
The Lava Bold N2 5G has gone on sale in India, just a few days after making its debut on June 3, 2026.
