The prices of gold and silver jumped significanlty after the government hiked import duty on gold and silver to 15% from 6% on Wednesday as a measure to curb non-essential imports and conserve foreign exchange reserves amid the Middle East conflict.
On Wednesday, gold and silver jumped over 6%, with the bullions trading above Rs 1.62 lakh (per 10 grams) and Rs 3 lakh (per kg) repectively.
The hike comes after an appeal from Prime Minister Narendra Modi to postpone gold purchases alongside unnecessary foreign travel and conserve oil in order to save foreign exchange reserves.
Check live gold, silver rates and latest updates on precious metals here —
Gold, Silver Rates Today Live: Rising Smuggling Concerns?
The decision to raise customs duty on gold and silver from 6% to 15% risks stoking a rise in gold smuggling, with larger jewellers bearing the brunt of the fallout, global brokerage Jefferies warned.
The brokerage said there will be some near-term mark-to-market gains on inventory held under schemes such as gold on lease, which offers a partial offset. However, investment demand — particularly in coins and bars — faces a more direct hit than wedding or occasion-led jewellery purchases, where demand elasticity tends to be lower.
Gold, Silver Rates Today Live: MCX Market Opens
At 9 am on Thursday, the MCX gold July futures contract fell 0.13% to Rs 1,61, 344 per 10 grams, while the MCX silver June futures dropped 0.92% to Rs 2,97, 485 per kg.
Gold, Silver Rates Today Live: How Much Gold India Imports?
Gold imports rose more than 24% to an all-time high of $71.98 billion in 2025-26. However, the shipments dropped 4.76% to 721.03 tonnes. Soaring international prices kept the gold import bill high in FY26.
(Source: PTI)
Gold, Silver Rates Today Live: Why Import Duty Was Hiked?
India is the second largest importer of gold.The duty hike aims to discourage domestic consumption and save foreign excahnge reserves and crude oil soars amid the ongoing crisis in the Middle East.
Gold, Silver Rates Today Live: Gold Price Drops Globally
In contrast to India, gold held a decline as high US inflation data raised possibility that the Federal Reserve will keep interest rates higher for longer. The yellow metal traded around $4,700 an ounce, after dropping 0.6%, Bloomberg reported.
Gold, Silver Rates Today Live: MCX Closing Price
MCX gold June futures contract closed flat at Rs 1,61, 504 per 10 grams, while the MCX silver July futures closed 7.68% higher at Rs 3,00,500 per kg on Wednesday, May 14.