India’s May gold imports fall 39% to USD 3.4 billion after duty raised to 15%

India’s gold imports fell 39% month on month in May to USD 3.4 billion after the government lifted import duty from 6% to 15% on May 13, with volumes estimated at 25-30t versus 46t in April. Domestic gold ETFs posted their first monthly net outflow since April 2025, totaling Rs 7.25 billion, while 134,343 active investor accounts were closed—both record moves. Prices also eased after mid-May, with international and domestic gold prices down 4.2% and 3.7% by June 15 from end-May levels, according to the World Gold Council.