India's gold imports fall by $2 billion in May amid duty hike

India's gold imports fell by $2.21 billion to $3.42 billion in May from $5.63 billion in the previous month. The decline comes amid a hike in import duty on gold from 6% to 15%. However, imports were still nearly 34% higher than the $2.55 billion recorded in May 2025. Silver imports fell to $75.57 million in May.