Govt Won't Control Gold/Silver Prices, But Cuts Duty & Promotes Schemes

• India's gold imports by volume decreased by 17.3% over the last decade, but the import bill rose by 69% to $58 billion in 2024-25 due to global price increases.
• Silver imports also saw a 33% volume decrease, with a slight value increase reflecting higher global prices.
• The Finance Ministry stated that gold and silver prices are market-driven, and the government does not intervene in price determination.
• To ease consumer burden, the government reduced customs duty on gold imports from 15% to 6% in July 2024.
• Government initiatives like Gold ETFs, Sovereign Gold Bonds, and Gold Monetization Scheme aim to reduce new gold imports and mobilize existing gold. RBI's 879.58 tonnes of gold reserves support financial stability.

Why It Matters: Govt won't control gold/silver prices, but uses duties/schemes to influence market.