The reduction in duties on gold and silver by 6 percent is expected to significantly boost retail demand for these precious metals. This move aims to make gold and silver more affordable for consumers, stimulating sales and supporting the jewelry industry. Lowering the duties will likely encourage more purchases during festive seasons and weddings, where gold and silver play a crucial role. Additionally, this reduction could help curb the illegal import of these metals by narrowing the price gap between domestic and international markets, thus benefiting both consumers and the overall economy.