By Ross Norman
Metals Daily, London
Wednesday, May 13, 2026
The word I'm looking for is "contronym" -- a term that can mean its own opposite -- and it may be an apt description of gold right now. News that India has raised import duties on gold and silver from 6% to 15% is bullish and bearish at the same time.
We are now seeing second-order consequences of the Iran war manifest. India is particularly exposed to energy costs from what used to be called the Middle East, a region increasingly framed as East Asia -- literally a matter of perspective, but I digress.
... Dispatch continues below ...
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India is interesting because there are many layers to the motivations for owning gold: weddings, festivals, reliable savings, culture and fashion, and conspicuous displays of wealth. At its core, however, gold is an asset of last resort -- and Indians know that.
So when the government takes an action like this -- effectively burning the lifeboats to keep warm -- you know there is a real problem. There is a whiff of a real panic about this ... and that makes it good and bad for gold simultaneously. ...
... For the remainder of the commentary:
https://www.metalsdaily.com/archive/ross-norman-india-panics-burns-the-golden-lifeboat/384324 [2]
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