India increased import duties on gold and silver from 6% to 15%, adding a 10% basic customs tariff and a 5% agriculture infrastructure and development levy, Reuters reported on May 13.

India is the world's second-largest gold consumer, as households view gold as a means to preserve value during periods of economic uncertainty and rising prices. This follows Indian Prime Minister Narendra Modi's May 10 call for fuel-saving efforts and limits on nonessential travel and gold purchases as rising global energy prices increase pressure on India's foreign exchange reserves.