New Delhi, May 13: The recent increase in customs duty by the central government has led to a significant rise in gold and silver prices. Both precious metals saw an increase of up to 6.66% on Wednesday.
On the Multi Commodity Exchange (MCX), the June 5, 2026 gold contract was trading at ₹162,790, reflecting a gain of 6.09% or ₹9,348 at 9:52 AM.
Similarly, silver prices have surged. The July 5, 2026 silver contract rose by 6.66% or ₹18,593, reaching ₹297,655.
The spike in gold and silver prices is attributed to the government’s decision to increase the customs duty or import tax on these metals. The import duty on gold and silver has been raised from 6% to 15%, while the duty on platinum has increased from 6.4% to 15.4%.
This move aims to reduce the current account deficit and conserve foreign exchange amid global instability.
Government sources indicated that the hike in import duties on precious metals is part of a broader strategy to protect foreign exchange, secure the current account, prioritize essential imports, and strengthen India’s economy in the face of global uncertainties.
They further stated that this action is a balanced, proportional, and nationally responsible response to extraordinary external conditions, ensuring economic stability and long-term economic strength.
Internationally, gold and silver prices are also witnessing an upward trend. On COMEX, gold increased by 0.52% to $4,710 per ounce, while silver rose by 2.28% to $87.54 per ounce.
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