Noida, May 13 (APAC Media): Gold and silver prices surged across major Indian cities on Tuesday following a sharp increase in import duties on precious metals, triggering higher retail rates and renewed volatility in the bullion market.
The government’s decision to raise import duties from 6% to 15% pushed domestic prices higher almost immediately, with traders reporting strong upward movement in both spot and retail segments.
Govt Hikes Import Duty on Gold, Silver to 15% to Curb Demand
The increase has affected jewellery demand in key markets such as Delhi, Mumbai, Chennai and Kolkata, where consumers are now facing significantly higher costs for 24-carat and 22-carat gold.
In Delhi, 24-carat gold prices climbed sharply, with rates for 10 grams rising in line with nationwide trends. The price of 22-carat gold, widely used in jewellery manufacturing, also advanced, making ornaments more expensive ahead of the upcoming festive and wedding demand season.
📊 India Gold & Silver Combined Price Chart (May 13, 2026)
| City | 24K Gold (₹/10g) | 22K Gold (₹/10g) | Silver 999 (₹/kg) |
|---|---|---|---|
| Delhi | 1,55,920 | 1,42,950 | 3,00,000 |
| Mumbai | 1,55,624 | 1,42,653 | 2,95,000 |
| Chennai | 1,55,624 | 1,42,653 | 3,05,000 |
| Kolkata | 1,55,624 | 1,42,653 | 3,00,000 |
| Bengaluru | 1,55,624 | 1,42,653 | 2,95,000 |
| Hyderabad | 1,55,624 | 1,42,653 | 3,00,000 |
Market participants said the sudden spike has led to cautious buying from retail customers, even as long-term investors continue to show interest in the metal as a safe-haven asset.
Silver prices also recorded a steep increase, with Delhi seeing rates near ₹310,000 per kilogram. Traders attributed the rally to higher import costs combined with strong investment demand and global market uncertainty.
Analysts noted that silver’s gains have outpaced gold in percentage terms in recent sessions, reflecting heightened speculative activity.
Bullion dealers said the sharp rise has disrupted short-term pricing stability, with frequent revisions being issued by jewellers throughout the day.
“The market has adjusted quickly to the new duty structure, but volatility is expected to continue in the near term,” a trader said.
Experts added that global factors, including geopolitical tensions and fluctuations in currency markets, are also contributing to the upward pressure on precious metals.
With prices now at elevated levels, industry observers expect buyers to remain cautious, while investors may continue to treat gold and silver as hedges against uncertainty in the broader financial market.
Disclaimer:
Gold prices and rates are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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Govt Hikes Import Duty on Gold, Silver to 15% to Curb Demand, Stabilise Rupee
