Gold and silver prices in India witnessed an unprecedented spike on Wednesday, May 13, 2026, as the central government implemented a sharp increase in import duties. The effective duty has been raised from 6% to 15% (comprising a 10% Basic Customs Duty and a 5% AIDC), a strategic move aimed at stabilizing foreign exchange reserves and curbing non-essential imports amid the intensifying West Asia crisis.
This policy shift follows a high-profile appeal by Prime Minister Narendra Modi, who recently urged citizens to pause gold purchases to bolster the national economy during global uncertainty.
City-Wise Retail Rates (May 13, 2026)
Retail prices for both 22-carat and 24-carat gold have surged by ₹9,000 to ₹11,000 per 10 grams in a single day, reflecting the immediate impact of the new tax structure.
| City | 24K Gold (per 10g) | 22K Gold (per 10g) | Silver (per kg) |
| Delhi | ₹1,62,858 | ₹1,49,178 | ₹2,97,386 |
| Mumbai | ₹1,62,910 | ₹1,49,225 | ₹2,97,563 |
| Chennai | ₹1,64,357 | ₹1,50,551 | ₹3,00,062 |
| Kolkata | ₹1,64,189 | ₹1,50,397 | ₹2,99,765 |
Key Market Movements
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MCX Volatility: Gold August 2026 futures on the Multi Commodity Exchange (MCX) mirrored the retail surge, trading between ₹1,62,700 and ₹1,66,620—an intraday jump of approximately 7%.
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Silver Milestone: Silver has crossed historic psychological barriers, rising by over ₹18,500 in a single session to approach the ₹3,00,000 per kg mark in several metropolitan areas.
Strategic Rationale & Outlook
The government’s decision is rooted in a worsening trade deficit. With global crude oil prices remains high, the move prioritizes essential energy imports over discretionary luxury assets.
Market Analysis: While the price jump is historic, analysts note that 24-carat gold remains 1.07% lower than its position last week due to recent global market corrections. However, experts warn that the 15% duty may incentivize “grey market” activities, potentially leading to an increase in unofficial gold smuggling during the upcoming wedding season.
