India's gold policy is entering a phase of relative stability, with expectations of fewer customs duty slabs and a simplified tariff structure for gold. Historically, gold has been a significant savings instrument and a policy tool for managing external balances. Past interventions, like sharp duty hikes between 2012-2014, led to smuggling and price discrepancies. Recent duty reductions aim to improve compliance, reduce unofficial trade, and enhance transparency in the gold value chain, potentially positioning India as a global gold trading hub.