Gold and silver import halt inflates domestic prices, Peter Spina notes

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Andrey Mastykin

06.05.2026

Gold and silver import halt inflates domestic prices, Peter Spina notes — Indian gold import halt drives prices

Peter Spina, CEO at GoldSeek.com, reports that Indian banks have not been able to import gold and silver for five weeks, creating an unusually long pause in shipments.

This disruption is pushing up domestic precious metal prices and could cause shortages in India, which is the world’s second-largest bullion market. Spina adds that around 8 metric tons of gold are currently stuck in customs.

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India’s gold holdings in foreign exchange reserves rose to 16.7% by March, up from 13.92% in September 2025, according to official data noted by Spina. In the first quarter, mining ETFs doubled to $87.4 billion while gold funds experienced investor outflows as capital shifted to industrial metals , Spina observed. These developments come as the country faces new pressure on physical gold supplies from the import halt.

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