Import curbs and customs delays narrow India's gold price discounts

Domestic gold prices in India narrowed their discount relative to international prices from an average of US$46/oz in March to US$8/oz in the first two weeks of April. The shift follows a tightening of domestic supply. This supply pressure was driven by curbs on imports of platinum alloys containing more than 1% gold by weight, alongside broader restrictions on gold, silver, and platinum jewellery imports. Customs clearance delays for bullion consignments of nominated banks further restricted the flow of metal into the country.