On Wednesday, gold and silver prices in India surged following the government's decision to increase import duties on these precious metals. The MCX gold rate for June futures opened at ₹1,54,851 per 10 grams, reflecting a 1% increase from the previous close of ₹1,53,442. Similarly, the MCX silver rate for July futures opened at ₹2,90,224 per kg, a 4% rise from ₹2,79,062. The increase in import duties, which rose from 6% to 15%, aims to reduce overseas purchases and alleviate pressure on foreign exchange reserves. In the international market, gold prices faced slight declines due to uncertainties surrounding the US-Iran conflict and stronger-than-expected inflation data in the US, which dampened expectations for Federal Reserve rate cuts. Spot gold prices decreased by 0.4% to $4,695.99 per ounce, while US gold futures for June delivery gained 0.4% to $4,705.30. Spot silver rose by 0.2% to $86.71 per ounce.