If you were planning to buy gold jewellery, coins, or gift sets — prices are higher now, and won't come back down quickly.
The government raised the import duty on gold to 15% — that's 10% basic customs duty plus 5% cess (an extra government charge on top of the main tax) — which pushes up the cost of gold before it even reaches your jeweller.
On a ₹1 lakh gold purchase, you could effectively pay ₹3,000–5,000 more than you would have a month ago.
What this means for you
- Jewellery shopping for a wedding or occasion just got costlier — factor in higher prices before finalising your budget
- Gold ETFs (funds that track gold prices, bought like shares) and Sovereign Gold Bonds (government-issued gold bonds that pay you interest too) aren't directly affected — these are still ways to invest in gold without paying import-linked costs
- Your existing gold holdings are actually worth a little more now — higher import prices tend to push up domestic gold rates
What you can do
- If you have a gold purchase coming up soon, buy sooner rather than later — prices are unlikely to fall anytime soon
- If you invest in gold regularly, consider switching to gold ETFs or Sovereign Gold Bonds instead of physical gold — no making charges (the fee jewellers charge for crafting the jewellery), no import duty markup
You're not powerless here — a small tweak in how you buy gold can save you real money.
Grow with clarity 🌱