India cuts import tax on gold, silver to 7.5% from 12.5%

  • Reuters
  • Commodities News
India cuts import tax on gold, silver to 7.5% from 12.5%
Credit: © Reuters.

MUMBAI, Feb 1 (Reuters) - India slashed the import duties on gold and silver to 7.5% from 12.5%, Finance Minister Nirmala Sitharaman said on Monday, as the world's second biggest gold consumer tries to bring down smuggling of the precious metal.

Gold futures MAUc1 fell more than 3% following the surprise announcement in the annual budget by Sitharaman.

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