Gold, Silver Price Jump 6% After India Raises Import Duty To 15%: Check City-Wise Rates On May 13
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Gold and silver prices on MCX jump 6 percent after customs duty hike to 15 percent, PM Modi urges citizens to avoid buying gold for a year to protect forex reserves
Gold and silver prices rose by 6% on May 13 after government hiked import duty to 15%
Gold Rate Today: Gold and silver prices shot up by 6 per cent on MCX on Wednesday, May 13, after the Indian government hiked the customs import duty to 15 per cent from 6 per cent in a late-night circular.
On MCX, gold futures were trading at Rs 1,62,648 per 10 grams with a jump of 6 percent. Silver futures also traded higher to Rs 2,95,805 per kg.
PM Modi Urges People To Avoid Gold Buying
To protect India’s forex reserve and reduce the import bill on gold, Prime Minister Narendra Modi has asked citizens to avoid buying gold for a year.
India is one of the world’s largest consumers of gold. The country consumes around 700-800 tonnes of gold every year but produces barely 1-2 tonnes domestically. This means India depends on imports for more than 90 per cent of its gold requirement.
India’s gold imports surge to a record $72 billion in the financial year 2025-26, a 24 per cent jump compared with $58 billion in FY25.
PM Modi’s appeal came at a time when India is facing rising external pressures on its forex reserve due to elevated global commodity prices.
India Across Key Cities On May 13
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,41,500 | Rs 1,54,090 |
| Jaipur | Rs 1,41,500 | Rs 1,54,090 |
| Ahmedabad | Rs 1,41,450 | Rs 1,53,990 |
| Pune | Rs 1,41,450 | Rs 1,53,990 |
| Mumbai | Rs 1,41,400 | Rs 1,53,990 |
| Hyderabad | Rs 1,41,400 | Rs 1,53,990 |
| Chennai | Rs 1,41,400 | Rs 1,53,990 |
| Bengaluru | Rs 1,41,400 | Rs 1,53,990 |
| Kolkata | Rs 1,41,400 | Rs 1,52,130 |
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
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