Gold imports reached nearly $72 billion in FY26, adding stress to India’s external balance
Cultural habits, savings needs and financial insecurity continue to sustain gold demand in India
Gold prices rose nearly 50% in FY26, making global trends more influential than higher duties
Higher import duties could once again encourage illegal gold inflows into the country
Lower tariffs under the India-UAE trade pact may redirect more gold imports through the UAE
Better financial inclusion and stronger returns for savers can gradually reduce gold dependence