Silver futures on the Comex were down 8%, priced at $26.87 an ounce on Tuesday morning.

India cut import duties on gold and silver to 7.5% from 12.5%, but imposed a 2.5% cess - a separate tax - on the imports.

Gold production is expected to bounce back and increase to 113.9moz this year.

Most-active futures jumped as much as 13% to $30.35 an ounce on the Comex.

The economy of the Central Asian nation relies heavily on gold mining.

Commodity prices are rising rapidly as the manufacturing side of the global economy bounces back from the first wave of the coronavirus pandemic.

The world's biggest gold deposit –Pebble mine project in Alaska – just got a lifeline.