New Delhi: Gold and Silver on Wednesday witnessed a sharp surge after the government raised import duties on precious metals to 15%.
Gold prices surged by Rs 9,723 to cross Rs 1.63 lakh per 10 grams in futures trading, while the white metal jumped nearly 7% and moved close to the Rs 3 lakh per kilogram. 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.
The government on Wednesday in a notice increased the import duties on gold and silver to 15% from 6% under measure to reduce the imports of precious metal and easing pressure on the country’s foreign exchange reserves. Industry experts have cautioned the decision citing rise of illegal inflows of gold a trend that unveiled after tariffs were lowered in 2024.
India in an attempt to restrain gold imports, introduced a 3% integrated GST on gold and silver, prompting banks to temporarily suspend imports for more than a month. Resulting in a significant drop in April.
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