Gold fell 21% globally this year but only 15% in India; rupee and import duty cushioned the drop
From 30 January to 30 October, dollar gold fell 21.4% while rupee gold fell 14.9%, says an Axis Mutual Fund report.
- 24K: ₹1,44,600 per 10g (9 Nov)
- Import duty raised from 6% to 15% in March
- Rupee about ₹89 to ₹96 per dollar this year
The gap
Between 30 January and 30 October 2026, global gold fell 21.4% in dollar terms and Indian gold fell 14.9% in rupee terms, according to an Axis Mutual Fund report cited by Business Today. Two things explain the gap: the rupee slid from about ₹89 to ₹96 per dollar this year, and import duty rose from 6% to 15% in March.
The November bounce
From 1 to 9 November, 24K gold rose from ₹1,38,880 to ₹1,44,600 per 10 grams, a gain of about 4.12%. 22K gold rose from ₹1,27,300 to ₹1,32,550. The 24K price peaked at ₹1,46,020 on 5 November.
What Axis says
The fund house expects the US Fed to stop raising rates around 4.25%, and notes central-bank gold buying rose from 57 tonnes in Q1 to 289 tonnes in Q2. It warns the rupee and duty cushions aren't permanent: a stronger rupee or a duty cut could lower domestic prices. Its advice is to invest in a staggered way and treat gold as a diversifier, not a short-term bet. This is not investment advice.
