Gold, Silver Rate Highlights: Gold, silver prices drop after rally; government raises import duty to 15%

MCX gold futures traded higher across major contracts on May 14, with gains seen in June, August, October and December 2026 expiries during evening trade. As of 6:21 pm, the benchmark June 5, 2026 gold futures contract was trading at Rs 1,62,538 per 10 grams, up Rs 352 or 0.22% from the previous close of Rs 1,62,186. The contract touched an intraday high of Rs 1,63,055 and a low of Rs 1,61,027, while volumes stood at 3,917 lots with open interest at 8,095 lots.

The August 2026 gold futures contract rose Rs 315, or 0.19%, to Rs 1,66,741 per 10 grams against the previous close of Rs 1,66,426. It hit a high of Rs 1,67,348 and a low of Rs 1,65,982 during the session. Meanwhile, the October 2026 contract gained Rs 185, or 0.11%, to trade at Rs 1,70,508 per 10 grams.

The December 2026 gold futures contract outperformed other expiries, surging Rs 2,754, or 1.58%, to Rs 1,77,590 per 10 grams compared with the previous close of Rs 1,74,836, indicating strength in long-dated contracts.

Silver prices slipped by Rs 2,338, or 0.78%, to Rs 2,97,900 per kilogram on the MCX in a turnover of 8,046 lots. In the previous trading session, the metal had witnessed a sharp rally of Rs 21,176, or close to 8%, ending at Rs 3,00,238 per kg.

According to Gaurav Garg, Research Analyst at Lemonn Markets Desk, gold and silver traded with divergent trends on Thursday as markets reacted to changing macroeconomic conditions and ongoing geopolitical uncertainty.

He noted that the recent increase in import duties on precious metals has significantly impacted the domestic market, boosting local demand and encouraging higher participation in gold-backed exchange-traded funds.

In overseas markets, Comex gold futures for June delivery were largely unchanged at $4,705.92 per ounce, while July silver futures in New York declined nearly 2% to USD 87.82 per ounce.

Manoj Kumar Jain of Prithvi Finmart told ET that gold and silver are expected to witness continued volatility this week due to movements in the dollar index and investor focus on the meeting between the US and Chinese Presidents.

According to Jain, gold is likely to find support in the $4,681-$4,634 per troy ounce range, while resistance is expected between $4,740 and $4,770 per troy ounce. For silver, support levels are seen at $86.60-$84.00, whereas resistance is placed in the $92.00-$95.00 per troy ounce band during the current trading session.

In the domestic market on MCX, he said gold has support levels at Rs 1,60,200 and Rs 1,58,000, while resistance is expected around Rs 1,64,400 to Rs 1,66,600. Silver, meanwhile, has support in the Rs 2,94,400-Rs 2,88,000 range, with resistance projected between Rs 3,04,000 and Rs 3,10,000.

Jain also suggested that investors should refrain from initiating fresh long positions at current prices until there is greater clarity on the outcome of the summit involving the US and Chinese Presidents.

Gold futures edged slightly higher on Thursday, gaining 0.21 per cent as market participants closely monitored discussions between US President Donald Trump and Chinese President Xi Jinping amid continuing geopolitical and economic uncertainty.

On the Multi Commodity Exchange (MCX), gold contracts for June delivery climbed Rs 334 to Rs 1,62,520 per 10 grams, with trading volume standing at 8,220 lots.

The precious metal had already witnessed a sharp rally in the previous session, surging Rs 8,744, or nearly 6 per cent, to settle at Rs 1,62,186 per 10 grams after the government increased import duties on precious metals.

The rise in duties came after Prime Minister Narendra Modi urged citizens to cut back on gold purchases as part of broader austerity measures aimed at reducing unnecessary foreign-exchange outflows.

Silver, however, moved lower on Thursday. On MCX, silver contracts slipped Rs 2,338, or 0.78 per cent, to Rs 2,97,900 per kilogram in a turnover of 8,046 lots. In the previous trading session, the metal had rallied sharply by Rs 21,176, or almost 8 per cent, ending at Rs 3,00,238 per kg.

1 Gm Gold 22 Kt: Rs 15,050.00

1 Gm Gold 18 Kt: Rs 12,570.00

1 Gm Silver: Rs 315.00

Gold prices traded largely flat in Asian markets as investors remained cautious ahead of the highly anticipated meeting between US President Trump and Chinese President Xi Jinping in Beijing, where discussions are expected to revolve around trade relations, the Iran conflict, and broader global supply chain risks. While lingering tensions in the Middle East and continued disruptions around the Strait of Hormuz continued to offer some safe-haven support to bullion, stronger US inflation data and a firmer dollar capped upside momentum.

US producer inflation in April rose at its fastest pace since 2022, while consumer inflation also surprised on the upside as elevated oil prices from the Iran conflict filtered into the broader economy. This strengthened expectations that the Federal Reserve could maintain a higher-for-longer interest rate stance, reducing the appeal of non-yielding assets like gold.

Supporting the pressure on bullion, the U.S. Dollar Index hovered near a two-week high while 10-year Treasury yields climbed to their highest since July. Markets also reacted to India’s decision to raise gold and silver import duties to nearly 15% from around 6%, a move aimed at reducing bullion imports and supporting forex reserves, but one that could hurt jewellery demand in one of the world’s largest consuming nations. Focus today will be on US Retail Sales data, says Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd.

Gold and silver prices started Thursday’s session on a weaker note on the Multi Commodity Exchange (MCX), as investors remained focused on discussions between US President Donald Trump and Chinese President Xi Jinping, while also monitoring the evolving Iran conflict.

In domestic trading, MCX silver futures for July 2026 delivery declined by Rs 3,359, or 1.1%, to Rs 2,96,879 per kg. Gold futures for June 2026 delivery slipped Rs 1,159, or 0.7%, to Rs 1,61,027 per 10 grams. This followed a sharp rally in the previous session, when silver surged by more than Rs 21,000 and gold jumped nearly Rs 9,000, or around 6%.

The decline also reflected a one-time market adjustment after the Centre increased customs duties on imports of gold, silver and other precious metals. Higher import duties raise the cost of imported bullion, leading domestic prices to command a larger premium over global benchmarks such as COMEX and LBMA. MCX futures generally realign quickly to factor in the increased import cost.

In overseas markets, spot gold remained largely unchanged at $4,688.43 per ounce, while US gold futures for June delivery edged down 0.2% to $4,695 per ounce. Among other precious metals, spot silver fell 0.9% to $87.18 per ounce, platinum dropped 0.4% to $2,129.15, and palladium eased 0.3% to $1,495.75.

Gold prices remained largely unchanged on Thursday as market participants closely monitored discussions between US President Donald Trump and Chinese President Xi Jinping, while also watching for developments related to the Iran conflict.

As of 0212 GMT, spot gold was trading flat at $4,688.43 per ounce. Meanwhile, US gold futures for June delivery slipped 0.2% to $4,695 per ounce.
According to Brian Lan, the bullion market is currently moving within a narrow range as investors wait for clarity from the high-level talks between the United States and China.

He added that gold prices appear to have a slight downward bias at present, which could offer an entry opportunity for investors looking to increase exposure to the precious metal.

Trump is in Beijing for a series of meetings with Xi Jinping, with discussions expected to focus on economic issues, preserving the fragile trade truce between the two nations and addressing complex matters such as the conflict in the Middle East.

Despite the sharp increase in import duties, analysts expect Indian demand for gold and silver to remain resilient. Gold continues to play a key role in weddings, festivals, investment demand and as a hedge against inflation and currency weakness.

Investment demand for gold surpassed jewellery consumption for the first time in the March quarter as investors shifted towards safe-haven assets amid weak equity returns.

India has raised import tariffs on gold and silver to 15% from 6% in an effort to curb imports and ease pressure on foreign exchange reserves. India is the world’s second-largest consumer of precious metals and imports nearly all of its domestic gold demand.

"The news about higher import duties in India has created some demand concerns and could pose a long-term headwind," Grant said.

Gold prices slipped for a second consecutive session on Wednesday as inflation concerns linked to the Iran war weighed on expectations for interest rate cuts. Spot gold fell 0.6% to $4,686.99 per ounce, while US gold futures gained 0.2% to $4,694.70.

"Inflation remains sticky and so, the expectations for higher rates for longer was reinforced, and that's been pressuring gold the last two days," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

MCX gold futures witnessed a sharp rally on May 13, 2026, with the June 2026 contract surging Rs 8,938, or 5.83%, to trade at Rs 1,62,380 per 10 grams. The August contract climbed 6% to Rs 1,66,599, while the October contract advanced 5.99% to Rs 1,69,900. Strong buying interest and heightened market volatility kept bullion prices sharply higher across expiry contracts.

“Gold prices witnessed a sharp gap-up opening after the import duty hike, with MCX Gold surging nearly ₹9000 or 5.87% to ₹162450, while COMEX gold remained relatively flat below $4700. The sharp rally in domestic prices reflects the immediate impact of higher import costs on bullion.

Markets will now focus on US President Trump’s China visit, which may bring key updates on trade tariffs and possible developments around the Iran conflict. Technically, COMEX gold continues to hold strong support near $4650, keeping sentiment supported at lower levels,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold prices surged after India raised import duties on gold and silver to 15% from 6%. The move is aimed at curbing overseas purchases of precious metals and reducing pressure on the country’s foreign exchange reserves. Revised structure includes a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC), lifting the effective import tax to 15%. Prime Minister Narendra Modi had urged citizens to avoid/limit buying gold for a year to help conserve foreign exchange reserves.

Since India relies heavily on imports to meet domestic gold demand, higher duties are expected to help narrow the trade deficit and provide support to the rupee which was trading at all time high levels. As duty takes effect, physical premiums might be elevated increasing disparity between spot an MCX. Earlier, COMEX gold prices had come under pressure after US consumer inflation accelerated to 3.8% in April, above expectations of 3.7% and the highest level since May 2023, driven largely by rising energy costs linked to the Middle East conflict.

Geopolitical tensions also remained elevated after President Trump said the US-Iran ceasefire was on “massive life support” following his rejection of Tehran’s latest peace proposal, increasing fears that key shipping routes could remain disrupted for an extended period. Meanwhile, Trump is expected to meet Chinese President Xi Jinping later this week, with trade ties and artificial intelligence likely to be key topics of discussion, says Manav Modi Commodities Analyst, Motilal Oswal Financial Services Ltd.

All India Gems and Jewellery Council (GJC) Chairman Rajesh Rokde said the increase in import duty is expected to raise gold prices by nearly Rs 27,000 per 10 grams.

Rokde also cautioned that the industry is worried the higher duties could encourage the growth of grey market activities. He said the move may lead to a rise in smuggling and contribute to the expansion of a parallel economy in the country.

"The recent hike in India’s gold import duty is likely to raise local prices and temporarily dampen physical demand. However, investors should not view this as a reason to panic. Gold continues to hold its appeal as a safe-haven asset, particularly in times of global uncertainty and domestic currency pressures. For investors, the preferred route remains digital gold or gold ETFs. These options avoid the risks associated with physical holdings, such as smuggling-driven price distortions, storage costs, and liquidity issues.

Higher duties may also create incentives for illegal imports, as was observed earlier when the duty stood at 15 percent before being reduced to curb smuggling. In the short run, though, this measure can help reduce the import bill and ease pressure on the widening Current Account Deficit (CAD). Since gold accounts for nearly 9–10 percent of India’s total import bill, the hike could provide some protection to foreign exchange reserves,” says Hareesh V, Head of Commodity Research, Geojit Investments Limited.

Reminiscent of silver’s previous record run, prices rose around 15% during the past week. The increase seems much more driven by flows than fundamentals, mirroring a broader risk-on move in financial markets on hopes of progress between the United States and Iran. Speculative traders and trend followers appear to be returning to the market, lured in by news of energy emergency measures in Peru, which is a major silver producer. We see a limited risk of a supply shock and stick to our established Neutral view on silver.

The mood in the silver market has been brightening up again as of late. During the past week, prices rose around 15%, pushing them back above USD 80 per ounce. Reminiscent of silver’s previous record run, the price increase seems much more driven by flows than fundamentals.

Firstly, mirroring a broader risk-on move in financial markets, silver’s gains are reflecting hopes of progress between the United States and Iran. Specifically for silver, such progress would lower oil prices, bringing back hopes of an eventual resumption of US interest rate cuts and US dollar weakness. Silver exhibits a significantly higher sensitivity to these factors than gold, likely luring some speculators back into the market. That said, the magnitude of the speculation – judging by the trading volume and velocity on the Shanghai Futures Exchange, for instance – is much smaller than around the turn of the year.

Secondly, news emerged about the introduction of emergency measures in Peru to address a national energy crisis. Peru is a major silver producer, accounting for around 15% of global mine supplies. While initially related to a pipeline rupture in March, which has now been fixed, Peru’s main problem is the financial difficulties of its state-owned oil company. Its failure would impact oil imports and refining, thereby potentially impacting fuel supplies, e.g. to the mining and trucking industries. To reduce the risk of immediate failure, the government is providing state-backed financing and repayment guarantees.

Against this backdrop, we see limited risk of a supply shock. Furthermore, due to silver’s sizeable above-ground inventory, pricing is driven by shifts in demand rather than shifts in supply. Put differently, supply disruptions are much more manageable than for those commodities that are consumed, because silver can always be sourced from inventory, with a higher price being the balancing mechanism. Our view on silver remains unchanged.

We remain Neutral, since the market is still searching for a new balance following the early year sell-off and the impact of the Iran war. As part of this process, and particularly in case of renewed participation from speculative traders and trend followers in the futures markets, volatility is set to stay elevated. We also reiterate our long position in the gold/silver price ratio, says Carsten Menke, Head Next Generation Research, Julius Baer.

The gems and jewellery sector could face a difficult phase after the government increased gold import duty to 15 per cent from the earlier 4 per cent, a step that industry representatives fear may encourage illegal trade and expand grey market activity, the All India Gems and Jewellery Council (GJC) said on Wednesday.

According to GJC chairman Rajesh Rokde, the industry is likely to come under pressure following both the Prime Minister’s call for austerity measures and the steep rise in bullion import duties. He warned that higher taxes could fuel smuggling activities and lead to the growth of an unofficial parallel market in the country.

Rokde explained that after factoring in Customs Duty, GST and Agricultural Cess, the revised tax structure would raise the cost of gold by nearly Rs 27,000 per 10 grams, compared with the earlier increase of around Rs 13,500 per 10 grams.

He also said the GJC had convened a meeting of various industry associations in Mumbai on Wednesday to discuss the recent policy measures and consider the next course of action.

Meanwhile, Suvankar Sen, Managing Director and CEO of Senco Gold and Diamonds, said elevated import duties are likely to continue as long as the West Asia crisis persists. He added that crude oil prices could also remain high until global supply chains stabilise.

Sen noted that while jewellery demand by volume may decline by around 10-15 per cent, the overall value of purchases could remain elevated because of higher prices. He added that consumers may increasingly shift towards buying lighter-weight jewellery products.

The increase in import duties is one time affect on gold and silver is likely to have a short-term impact on physical demand, as higher prices and recent government messaging around reducing bullion imports may make buyers cautious, especially in the jewellery segment. Domestic premiums could also remain elevated in the near term due to higher import costs.

However, from an investment perspective, this changes very little in the broader trend for gold and silver. The rally in precious metals continues to be driven largely by global factors such as geopolitical uncertainty, inflation risks, central bank policies, currency weakness, and safe-haven demand.

The current duty hike should be seen more as a one-time policy impact rather than a structural change in the long-term outlook for bullion. Any correction or dip created due to policy actions may continue to offer accumulation opportunities for long-term investors.

In the near term, physical demand may stay softer because of elevated prices and government efforts to discourage excessive bullion buying for the next one year, but globally the underlying bullish factors for precious metals still remain intact, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold prices surged by Rs 9,723 to cross Rs 1.63 lakh per 10 grams in futures trading on Wednesday, while silver jumped nearly 7% and moved close to the Rs 3 lakh per kilogram level after the government raised import duties on precious metals to 15%.

The decision has been taken to discourage imports of precious metals at a time when the country’s import bill is rising due to the ongoing crisis in West Asia.

On the Multi Commodity Exchange (MCX), gold contracts for June delivery climbed Rs 9,723, or 6.34%, to Rs 1,63,165 per 10 grams.

Silver also witnessed a strong rally, with the actively traded July futures contract gaining Rs 19,439, or 6.97%, to Rs 2,98,501 per kilogram on the MCX.
According to traders, the sharp rise in domestic bullion prices was largely triggered by the increase in import duties on gold and silver.

Gold and silver exchange-traded funds (ETFs) rallied as much as 15% on Wednesday after precious metal prices witnessed a sharp spike on the Multi Commodity Exchange (MCX). The strong upmove followed the Centre’s decision to increase customs duties on imports of gold and silver, with the revised rates coming into effect from midnight.

Among the 25 gold ETFs, Quantum Gold Fund emerged as the top gainer, soaring nearly 15% to touch an intraday high of Rs 143.37, compared with its previous closing price of Rs 124.90. Tata Gold ETF advanced 12%, while Zerodha Gold ETF climbed around 9%.

Manoj Kumar Jain of Prithvi Finmart told ET gold and silver continued to witness sharp price swings, though silver was expected to maintain support near $76 per troy ounce, while gold was likely to remain supported around $4,555 per troy ounce on a weekly closing basis.

Jain stated that gold faces support in the $4,640-$4,610 per troy ounce range, whereas resistance is placed between $4,740 and $4,770. For silver, support levels are seen at $82.40-$80.00 per troy ounce, while resistance is expected around $88.80-$92.00 during the ongoing session.

In the domestic market on MCX, gold is likely to find support between Rs 1,52,800 and Rs 1,52,100, with resistance placed in the Rs 1,54,000-Rs 1,54,850 range. Silver, meanwhile, has support at Rs 2,74,400-Rs 2,70,700, while resistance is estimated between Rs 2,83,000 and Rs 2,88,000.

He further advised traders who are holding long positions in gold and silver to consider booking profits once prices approach the suggested target zones.

Gold and silver prices witnessed a sharp surge at the opening on the Multi Commodity Exchange (MCX) on Wednesday after the Centre increased customs duties on imports of gold, silver and other precious metals. The revised duty structure came into force from midnight.

In domestic trade, MCX silver contracts for July 2026 delivery climbed Rs 16,743, or 6%, to Rs 2,95,805 per kilogram. Gold futures for June 2026 delivery also jumped significantly, rising Rs 9,206, or 6%, to Rs 1,62,648 per 10 grams. In the previous trading session, silver had ended with gains, while gold settled slightly lower.

With the latest revision, the effective customs duty on gold and silver imports has been increased to 15% from the earlier 6%. The government has levied a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC) on imports of the two precious metals, taking the overall import tax to 15%.

Oil prices eased on Wednesday after registering gains for three consecutive sessions, with investors watching developments linked to the fragile ceasefire surrounding the Iran conflict.

Economic data showed that US consumer inflation accelerated further in April, with the yearly inflation rate recording its sharpest rise in three years. The figures reinforced expectations that the Federal Reserve may keep interest rates steady for an extended period.

US President Donald Trump said on Tuesday that he does not expect to require China’s assistance in resolving the Iran conflict, even as prospects of a durable peace agreement weakened and Tehran tightened control over the Strait of Hormuz.

US Treasury Secretary Scott Bessent said President Trump and Chinese President Xi Jinping are expected to discuss the Iran conflict. He also called on China to participate in efforts aimed at reopening the Strait of Hormuz for global shipping.

Gold prices traded in a narrow range during early Asian hours on Wednesday as investors remained cautious ahead of a crucial US-China summit in Beijing and closely monitored the evolving situation in the Middle East conflict.

Spot gold was largely unchanged at $4,713.39 per ounce at 0100 GMT. Meanwhile, US gold futures for June delivery advanced 0.7% to $4,721.80.

Surendra Mehta, national secretary of the India Bullion and Jewellers Association, said the increase was largely expected as the government looks to contain the current account deficit. He added that elevated gold and silver prices could further impact consumer demand.

On Sunday, Prime Minister Narendra Modi urged citizens to refrain from purchasing gold for a year in an effort to help conserve foreign exchange reserves. India relies heavily on imports to meet nearly all of its gold demand.

The government has increased import duties on gold and silver to 15% from the earlier 6%, according to government notifications issued on Wednesday, as part of measures aimed at reducing imports of the precious metals and easing pressure on the country’s foreign exchange reserves.

However, industry participants have cautioned that steeper import taxes may once again encourage illegal inflows of gold, a trend that had moderated after tariffs were lowered in mid-2024.