India raises base import prices for gold by 0.37% and silver by 4% after cut

India’s government adjusted its precious-metals import policy twice within three days, first lowering and then sharply raising base import prices for gold (+0.37%) and silver (+4%). It also shifted the import policy for silver from “free” to “restricted,” requiring all silver imports to be cleared via DGFT and RBI-designated agencies. The move is aimed at easing pressure on foreign-exchange reserves amid strain linked to the West Asia conflict. Gold reserves rose by $1.98 billion week-on-week, while overall forex reserves fell by $711 million, mainly due to a decline in foreign currency assets.