India's June gold imports rise 7% year-on-year despite higher import duty

India imported gold worth $1.97 billion in June 2026, up 7% from the same month a year earlier, according to data from the country's Ministry of Commerce and Industry.

However, June imports were 42% lower than in May, reflecting weaker demand following an increase in import duties, Caliber.Az reports per foreign media.

Kavita Chacko, an analyst at the World Gold Council, said last month that gold imports had been declining after the government raised the import duty to 15% from 6% in mid-May, although they remained above year-earlier levels.

During the first six months of 2026, India imported $33.59 billion worth of gold, doubling the value recorded in the same period of 2025.

India is one of the world's largest consumers of gold but produces virtually none domestically, relying heavily on imports to meet demand.

By Sabina Mammadli