The Indian government has reduced the import duty on gold and silver to 6% from 15%, a significant cut aimed at boosting domestic sales and reducing the incentive to purchase gold from overseas markets such as Dubai. This move is expected to halt the issuance of Sovereign Gold Bonds and has led to a notable decline in gold prices, which fell by Rs 5,000 per 10 grams, wiping out over Rs 10.7 lakh crore in market value. The reduction in customs duty has caused gold prices to drop by over 5%, bringing relief to retail investors. However, experts have urged the Finance Minister to monitor any potential increase in India's gold import bill.