Indian gold and silver prices witnessed an unprecedented surge today following a significant hike in import duties. This move led to sharp rises across domestic markets, impacting both investors and jewelry shoppers.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹16,200INR | ₹1,62,000 | ↑ ₹802 |
| 22K Gold | ₹14,850 | ₹1,48,500 | ↑ ₹735 |
| 18K Gold | ₹12,150 | ₹1,21,500 | — |
Source: GoldMeter.in • Historical data for reference only
The Indian gold and silver markets experienced a seismic shift on May 13, 2026, as the government announced a substantial hike in the import duty on both precious metals. The duty was raised from 6% to a steep 15%, triggering an immediate and dramatic surge in domestic prices across the country. This policy change became the sole driving force behind the day's market movements, sending shockwaves through the bullion trade and captivating investors and jewelry buyers alike.
Following the duty hike, gold and silver prices in India skyrocketed, with reports indicating surges of up to 8 percent. MCX Gold futures jumped by over 7 percent, while MCX Silver futures rallied significantly, trading above the ₹3 lakh per kilogram mark and surging over ₹17,000 per kg in the last 24 hours. The impact was felt across major Indian cities, with gold rates in Mumbai, Delhi, Chennai, Kolkata, Ahmedabad, and Bengaluru all registering substantial increases. Gold prices reportedly increased by ₹13,910, and silver by ₹20,000 in a single day. Internationally, Comex gold also saw a strong rally, jumping $49 per ounce, while silver soared $4.3 per ounce to a two-month high, indicating broader bullish sentiment. Interestingly, despite the sharp rally, some profit booking was observed, limiting the surge in paper gold. The domestic market's reaction also boosted MCX shares to a lifetime high, reflecting increased trading activity.
For investors and jewelry shoppers, the outlook remains highly volatile. While the import duty hike provides a strong floor for domestic prices, the extent of future gains might be tempered by profit booking at higher levels. Furthermore, global cues, including political developments like those potentially influenced by Donald Trump, are being closely watched for their potential impact on international gold prices. Jewelry buyers should anticipate higher prices in the immediate future, while investors need to carefully weigh the sustained impact of the duty hike against global market dynamics and potential corrections. The coming days will reveal whether this sharp rally can be sustained or if it paves the way for a period of consolidation.