The Centre has revised customs duty rates for jewellery findings and tightened import compliance norms for precious metal recovery and recycling materials from May 13.
Gold and silver prices traded higher on Thursday, with prices rising by up to 1 per cent amid a rise in crude oil prices and uncertainty surrounding the US-Iran peace deal.
Festive buying sentiment gets a boost as bullion prices cool off across India, with southern cities still commanding a premium over northern markets despite the overall decline.
Gold and silver prices climbed over 1 per cent on Wednesday amid escalating conflict between the US‑Israeli combine and Iran, driving safe haven demand.
Notably, India is the world's largest exporter of aromatic, premium basmati rice, with buyers in the Middle East, including Saudi Arabia, Iran, and the United Arab Emirates, accounting for more than half of its shipments.
In calendar year 2025, gold prices surged by around 53% as investors rushed to the safety of gold in the backdrop of US tariffs and geopolitical concerns.
The price of 10 grams of 24-carat gold closed the week at Rs 1,20,100 down from Rs 1,20,770 last week, according to data published by the India Bullion and Jewellers Association (IBJA).
The price of 24-carat gold (10 grams) ended at Rs 1,22,419 on Friday, down from Rs 1,23,827 from its previous close, according to data published by the India Bullion and Jewellers Association (IBJA).
Silver saw an even steeper fall, declining by more than 8 per cent, slipping from Rs 1,70,415 per kg to Rs 1,53,929 per kg.
The rally in gold prices from the trough to the milestone mark of USD 4,000 per ounce (oz), reached on October 9, and is just 735 days old, according to a recent note by the World Gold Council (WGC).
