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Gold prices rallied by ₹9,723 to ₹1.63 lakh per 10 grams successful futures commercialized connected Wednesday (May 13, 2026), portion metallic soared 7% to attack the ₹3 lakh per kilogram people aft the government hiked import duties connected precious metals to 15%.
The determination is aimed astatine curbing precious metals imports amid a rising import measure owed to the ongoing West Asia crisis.
On the Multi Commodity Exchange (MCX), golden futures for the June transportation appreciated by ₹9,723, oregon 6.34%, to ₹1,63,165 per 10 grams.
Silver prices besides witnessed a crisp rally, with the most-traded July declaration jumping by ₹19,439, oregon 6.97%, to ₹2,98,501 per kilogram connected the MCX.
Traders said home bullion prices jumped pursuing the summation successful import duties.
The work hike could mean imports successful the adjacent word arsenic the authorities looks to incorporate unit connected the existent relationship shortage amid elevated crude lipid prices and geopolitical tensions, they added.
The authorities connected Wednesday hiked import duties connected golden and metallic to 15% from 6% arsenic portion of measures to curb inbound shipments of precious metals amid a rising import measure owed to the West Asia crisis.
On Sunday, Prime Minister Narendra Modi made a clarion telephone for curbs connected golden purchases, on with different austerity measures to prevention connected overseas exchange. The Finance Ministry, successful a notification, hiked the societal payment surcharge (SWS) and the agriculture infrastructure and improvement cess (AIDC), effectual May 13.
The work hikes volition rise the wide customs work connected golden to 15 per cent.
India's golden imports surged much than 24 per cent to an all-time precocious of USD 71.98 cardinal successful 2025-26. In measurement terms, however, the shipments dipped 4.76 per cent to 721.03 tonnes successful 2025-26.
In the planetary markets, however, gains remained comparatively moderate.
Comex golden futures for June transportation roseate USD 21.40, oregon 0.46 per cent, to USD 4,708.10 per ounce, portion metallic precocious 2.12 per cent to USD 87.40 per ounce.
Market participants said the crisp emergence successful home prices compared to planetary markets reflected the contiguous interaction of the higher import work connected bullion imports.
