Will gold & silver become costlier in India as the govt hikes import tariffs?

Government has raised import duties on gold and silver to 15%. With the increase in import duty, prices of gold, silver, and platinum are expected to rise significantly across India. The move will make imports of precious metals costlier, directly impacting retail prices in domestic market. Investors may now shift to gold ETFs/digital gold, and consumers may postpone jewellery purchases.