Gold, Silver Rate Highlights: Gold, silver prices drop after rally; government raises import duty to 15%

Gold, Silver Rate Today Live Updates: Gold and silver prices are in focus as the government has hiked the import duty on both the precious metals from 6% to 15% in a bid to curb imports and also support rupee at a time when it is depreciating. The move comes within days of PM Narendra Modi calling for Indians to cut back on unnecessary gold buying.The move is expected to weigh on demand in India, the world’s second-largest consumer of precious metals. At the same time, higher duties could help contain the trade deficit and provide some support to the rupee, which has been among Asia’s weakest-performing currencies.Track TOI’s live coverage on gold and silver prices and the latest expert opinion: