Gold and Silver Prices Surge Following Import Duty Hike in India
Silver jumps Rs 17,000/kg, gold soars to Rs 1.62 lakh/10g after centre hikes import duty. What should investors do?
The Economic TimesImage: The Economic Times
Gold and silver prices surged sharply on the Multi Commodity Exchange (MCX) after the Indian government raised customs duties on imports of these metals. Gold futures for June 2026 reached ₹1.62 lakh per 10 grams, while silver futures jumped ₹17,000 per kg, reflecting increased market volatility and changing global economic conditions.
- 01Gold futures for June 2026 rose to ₹1.62 lakh per 10 grams.
- 02Silver futures for July 2026 increased by ₹17,000 per kg.
- 03The customs duty on gold and silver imports was raised to 15% from 6%.
- 04U.S. consumer inflation data has influenced market sentiment negatively.
- 05Traders are advised to book profits at target levels based on market volatility.
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Gold and silver prices opened significantly higher on the Multi Commodity Exchange (MCX) following a substantial increase in import duties by the Indian government. Gold futures for June 2026 delivery surged by ₹9,206 or 6%, reaching ₹1.62 lakh per 10 grams, while silver futures for July 2026 delivery jumped by ₹16,743 or 6%, hitting ₹2,95,805 per kg. The customs duty on these precious metals has been raised to 15%, comprising a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). This change has led to increased volatility in the market, with gold and silver prices reacting sharply. In the international market, spot gold fell by 0.4% to $4,695.99 per ounce, while U.S. gold futures rose by 0.4% to $4,705.30. Analysts suggest that traders holding long positions should consider booking profits near target levels as both metals exhibit high volatility.
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The increase in import duties may lead to higher prices for consumers purchasing gold and silver jewelry, affecting home buyers and investors in precious metals.
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