Gold Surges Above ₹1.62 Lakh Per 10 Grams as Silver Prices Jump 6% After Import Duty Hike

Gold and silver prices witnessed a sharp rally in domestic commodity markets after the Centre increased import duties on precious metals, triggering strong buying momentum across bullion segments.

Mumbai | May 13: Gold and silver prices recorded a massive surge on the Multi Commodity Exchange (MCX) on Tuesday after the Indian government raised import duties on precious metals, sparking sharp volatility in bullion markets. MCX gold prices climbed above ₹1.62 lakh per 10 grams, while silver prices rallied nearly 6 percent during the trading session.

The sudden rise came after the government increased import duties on gold and silver from 6 percent to 15 percent, a move aimed at curbing rising imports and supporting the Indian rupee. The revised customs duty structure came into effect immediately from midnight, leading to a sharp jump in domestic bullion prices.

On the MCX, gold prices rose by more than ₹9,000 to trade around ₹1,62,648 per 10 grams, while silver prices surged by nearly ₹16,700 to touch ₹2,95,805 per kilogram. Traders reported heavy buying activity as markets reacted to the higher import costs and expectations of tighter domestic supply.

Analysts believe the rally could continue if global uncertainty and geopolitical tensions persist. Commodity experts noted that MCX gold may move towards ₹1.68 lakh to ₹1.70 lakh per 10 grams in the near term, while silver prices could potentially test the ₹3 lakh per kilogram mark.

The sharp increase in bullion prices is expected to impact jewellery demand across India, especially ahead of the festive and wedding season. Jewellers and traders are closely monitoring market movements as higher prices may affect retail buying sentiment in major cities. Meanwhile, investors are increasingly viewing gold and silver as safe-haven assets amid global economic uncertainty and currency fluctuations.

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