India has more than doubled import tariffs on gold and silver to 15% from 6%, the finance ministry announced Wednesday. The government also raised duties on platinum to 15.4% from 6.4%, citing the need to conserve foreign-exchange resources during heightened global market volatility.

The timing follows Prime Minister Narendra Modi's warning that the Middle East crisis is pressuring India's forex reserves. Gold comprises roughly 17% of the central bank's reserves as of end-March. The move prioritizes essential imports like crude oil, fertilizers and critical technologies over precious metals.

As a major crude oil importer, India faces vulnerability to higher energy costs and supply disruptions that could swell its import bill and fuel inflation. The government called the tariff hike a measure in the public's interest amid significant volatility in global energy markets and international shipping routes.

The duty increase marks India's sharpest attempt yet to rein in precious metals imports and protect its foreign-exchange position during a period of heightened geopolitical risk.