When countries with large external debt obligations (like India's $663 billion) face currency crises, gold imports become politically inconvenient because each gram purchased by households creates dollar demand that competes with critical needs for oil, industrial imports, and debt service payments, creating a fundamental tension between cultural gold demand and fiscal stability.
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When India's central bank raised gold import duties to 15% in July 2024, it wasn't just about revenuAjouté :
headache. When an Indian household buys imported gold, the transaction ultimately requires foreign currency.
The importer has to pay an overseas supplier. The bank has to provide dollars. If dollars are tight, that demand competes directly with the dollars needed for oil and the industrial imports, debt service, and other external obligations. India has a large external debt obligation. That is why gold becomes politically inconvenient during a currency squeeze.
The public sees gold as safety. Delhi sees gold as an FX drain. And when the rupee
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