On May 13, 2023, precious metals experienced significant gains, with COMEX gold futures rising by $49 to an intraday high of $4,734 per ounce. Silver also saw a substantial increase, surging $4.30 to reach $89.88, marking its highest level in two months. This upward trend was fueled by higher-than-expected US inflation data for April, which has increased speculation about a potential 25-basis-point interest rate hike by the Federal Reserve by December. Despite initial pressure from rising Treasury yields and a stronger US dollar, gold's resilience is attributed to ongoing central bank accumulation and safe-haven demand amidst geopolitical uncertainties. In the domestic market, the Indian government's recent decision to raise import tariffs on gold and silver from 6% to 15% has led to a sharp increase in local prices, with gold futures on the Multi Commodity Exchange (MCX) jumping ₹11,055 to ₹1,64,497 per 10 grams, and silver futures reclaiming the ₹3 lakh mark at ₹3,04,177 per kilogram. While these tariff increases may dampen domestic demand, they are expected to help narrow India's trade deficit and support the rupee, which is currently one of Asia's weakest currencies.