Gold and Silver Prices Surge Amid Inflation Concerns and Tariff Changes
Gold, silver rates today: Comex gold jumps $49/oz, silver rallies $4.3/oz to two-month high
Mint
Image: Mint
On May 13, 2023, COMEX gold prices rose by $49 per ounce, reaching $4,734, while silver prices surged $4.30 to hit $89.88, their highest in two months. These increases were driven by rising inflation expectations and India's decision to hike import tariffs on precious metals, which may impact domestic demand.
- 01Gold futures increased by $49 to reach $4,734 per ounce.
- 02Silver futures rose $4.30, hitting $89.88, a two-month high.
- 03The surge in prices is linked to higher-than-expected US inflation data.
- 04India raised import tariffs on gold and silver from 6% to 15%.
- 05Despite tariff hikes, the outlook for precious metals remains cautiously bullish.
Advertisement
In-Article Ad
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.
Advertisement
In-Article Ad
The increase in import tariffs on gold and silver may lead to higher prices for consumers in India, affecting those looking to purchase these metals for investment or personal use.
Advertisement
In-Article Ad
Reader Poll
Do you think the increase in import tariffs on gold and silver will benefit the Indian economy?
Connecting to poll...
Read the original article
Visit the source for the complete story.


