New Delhi, May 13: Following the central government’s increase in customs duty, gold and silver prices have seen a significant rise, with both precious metals climbing by up to 6.66 percent on Wednesday. On the Multi Commodity Exchange (MCX), the gold contract for June 5, 2026, was trading at ₹162,790, reflecting a gain of 6.09 percent or ₹9,348 at 9:52 AM.
Silver also experienced a similar surge, with the July 5, 2026, contract rising by 6.66 percent or ₹18,593, reaching ₹297,655. The increase in prices is attributed to the government’s hike in import duties on these metals.
The government has raised the import duty (including cess) on gold and silver from 6 percent to 15 percent, while the duty on platinum has been increased from 6.4 percent to 15.4 percent. This measure aims to reduce the current account deficit and conserve foreign exchange amid global instability.
According to government sources, the increase in import duties on precious metals is part of a broader strategy to enhance India’s economic resilience, prioritize essential imports, and ensure foreign exchange protection amid global uncertainties.
They further stated that this move is a balanced and responsible response to extraordinary external circumstances, focusing on macroeconomic stability and long-term economic strength.
Internationally, gold and silver prices are also on the rise, with gold up by 0.52 percent at $4,710 per ounce and silver increasing by 2.28 percent to $87.54 per ounce.
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