Gold Silver Prices Soar 6.66% on Import Duty Hike News

The Indian precious metals market awoke to a dazzling rally on Wednesday, as gold and silver prices climbed as much as 6.66% in response to the government's recent customs duty escalation—a move crafted to navigate choppy international waters. Trading on MCX reflected the frenzy: The gold contract expiring June 2026 advanced 6.09%, adding Rs 9,348 to settle at Rs 1,62,790 by 9:52 AM. Silver's July 2026 futures contract mirrored the momentum, rising 6.66% or Rs 18,593 to Rs 2,97,655. At the heart of this upswing lies the duty revision: Gold and silver import taxes, including cess, now stand at 15% up from 6%, with platinum following suit at 15.4% from 6.4%. Sources close to the administration describe this as a prudent, proportionate measure within a comprehensive economic framework. Objectives include curbing forex outflows, protecting the current account, and enhancing resilience against global unpredictability, all while upholding national fiscal responsibility. Internationally, the trend holds firm—Comex gold gained 0.52% to $4,710 per ounce, silver 2.28% to $87.54. This domestic spike signals potential headwinds for consumers and industry alike, from skyrocketing jewelry costs to shifted investment flows. As India fortifies its balance sheet, the bullion sector braces for a new era of elevated pricing and strategic adaptations.