India Caps Duty-Free Gold Imports at 100kg; ING Flags Demand Hit as XAUUSD Holds Near $4,705

India has tightened gold import rules by capping duty-free imports for jewellery exporters at 100kg per licence with stricter reporting, following the May 12-13 tariff hike to 15%. The measures aim to preserve forex reserves strained by oil spikes and a 24% surge in FY25-26 gold imports to $71.98B. After PM Modi’s May 11 call for a one-year buying pause, domestic futures initially spiked 7.2% but ING now forecasts up to a 100-tonne import reduction, curbing demand and keeping XAUUSD pressured near $4,705/oz.