Gold and silver prices surged more than 6% each on Wednesday after the government raised import duties on the precious metals.
Gold prices edged lower on Wednesday as uncertainty in the Middle East and stronger-than-expected U.S. inflation data dimmed hopes for Federal Reserve rate cuts. Spot gold fell 0.4% to $4,695.99 per ounce, as of 0231 GMT. U.S. gold futures for June delivery gained 0.4% to $4,705.30.
On Wednesday, May 13, MCX Gold 5 June contracts were priced at ₹1,62,648 per 10 grams. Meanwhile, MCX Silver 3 Juy contracts was up by 6.42% at ₹2,96,984 per kg. These gains can be attributed to positive global cues and a decline in the US dollar and crude oil prices after President Donald Trump extended the ceasefire with Iran.
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What is the impact of the increased import duty on gold and silver prices in India?⌵
India has raised import duties on gold and silver to 15% from 6%. This move is expected to increase domestic bullion prices and could dampen demand, while also helping to narrow the trade deficit and support the rupee.
Why did the Indian government increase import duties on gold and silver?⌵
The government raised import duties to curb overseas purchases of precious metals and ease pressure on the country’s foreign exchange reserves, especially amidst rising crude oil prices and a widening trade deficit.
How much did gold and silver prices surge on May 13th?⌵
Gold and silver prices surged more than 6% each on Wednesday, May 13th. MCX Gold 5 June contracts were priced at ₹1,62,648 per 10 grams, and MCX Silver 3 July contracts were up by 6.42% at ₹2,96,984 per kg.
What are the retail rates for 24K and 22K gold in major Indian cities on May 13th?⌵
On May 13th, 24-carat gold ranged from ₹161,110/10 gm in Mumbai to ₹163,130/10 gm in Chennai. 22-carat gold prices varied from ₹147,684/10 gm in Mumbai to ₹149,536/10 gm in Chennai.
What factors are influencing gold and silver prices besides import duties?⌵
Gold and silver prices are also supported by safe-haven demand due to uncertainty in the Middle East, sticky U.S. inflation data, and expectations of delayed Federal Reserve rate cuts. Declines in the US dollar and crude oil prices have also played a role.
In the retail market of India, 24-carat gold was priced at ₹161,410/10 gm, according to data on the Indian Bullion Association (IBA). Further, 22-carat gold was priced at ₹147,959/10 gms. Silver prices today are at ₹296,570/kg (Silver 999 Fine), as per the IBA website.
Customers must note that jewellers may add making charges, taxes, and GST to the bill, which could hike the final price of the item. Check the full list here for gold and silver prices in your city today, May 13:
Gold and Silver Prices in Mumbai — May 13:
24 karat gold rate in Mumbai — ₹161,110/10 gm.
22 karat gold rate in Mumbai — ₹147,684/10 gm.
Silver 999 Fine rate in Mumbai — ₹296,030/1 kg.
Gold and Silver Prices in New Delhi — May 13:
24 karat gold rate in New Delhi — ₹162,070/10 gm.
22 karat gold rate in New Delhi — ₹148,564/10 gm.
Silver 999 Fine rate in New Delhi — ₹295,720/1 kg.
Gold and Silver Prices in Hyderabad— May 13:
24 karat gold rate in Hyderabad — ₹162,610/10 gm.
22 karat gold rate in Hyderabad — ₹149,059/10 gm.
Silver 999 Fine rate in Hyderabad — ₹296,700/1 kg.
Gold and Silver prices in Kolkata — May 13:
24 karat gold rate in Kolkata — ₹162,140/10 gm.
22 karat gold rate in Kolkata— ₹140,323/10 gm.
Silver 999 Fine rate in Kolkata — ₹295,840/1 kg.
Gold and silver prices in Bengaluru — May 13:
24 karat gold rate in Bengaluru — ₹162,780/10 gm
22 karat gold rate in Bengaluru — ₹149,215/10 gm.
Silver 999 Fine rate in Bengaluru — ₹296,940/1 kg.
Gold and Silver Prices in Chennai — May 13:
24 karat gold rate in Chennai — ₹163,130/10 gm.
22 karat gold rate in Chennai — ₹149,536/10 gm.
Silver 999 Fine rate in Chennai — ₹297,570/1 kg.
Movement in gold prices over the years
Notably, gold prices last year experienced their strongest bull run since 1979, rising by over 75%. In recent months, gold prices have risen modestly amid strong safe-haven demand and global economic uncertainty.
In India, the yellow metal climbed from ₹135,257 in early January to ₹157,480 in early March, marking an appreciation of around 16%. In May, the precious metal is trading below those highs as investors booked profits.
Meanwhile, silver prices have seen even steeper increases due to strong demand and currency fluctuations, rising from roughly ₹78,600/kg in 2023-2024 to over ₹200,000/kg in early 2026.