Gold and silver prices in India witnessed a notable increase on May 13, 2026, following the government’s decision to raise the import duty on these precious metals to 15 percent from the previous 6 percent. The move, aimed at moderating imports, has contributed to firmer domestic prices amid ongoing global uncertainties.
The Centre’s announcement on Wednesday triggered the upward movement in bullion rates. While precious metals are viewed as traditional safe-haven assets, they had not registered dramatic gains earlier. Market participants now anticipate further price firmness in the coming weeks due to the higher duties.
The rise coincided with reactions in global markets to geopolitical tensions in West Asia and fluctuating signals from the US dollar. Domestic investor sentiment has remained measured, with stable local demand preventing steeper movements.
Retail market rates on May 13 showed 24-carat gold trading around ₹15,399 per gram, with 22-carat gold near ₹14,116 per gram. Silver prices hovered close to ₹2,90,100 per kilogram. Variations across cities stem from differences in local taxes, logistics, and retailer margins.
Gold Prices in Major Cities (per gram):
Delhi: 24K – ₹15,414; 22K – ₹14,131
Mumbai: 24K – ₹15,399; 22K – ₹14,116
Chennai: 24K – ₹15,634; 22K – ₹14,331
Kolkata: 24K – ₹15,399; 22K – ₹14,116
Domestic gold prices are primarily shaped by international bullion rates, rupee-dollar exchange movements, import duties, and seasonal jewellery demand. With wedding and festive seasons approaching in certain regions, retail buying has held steady, limiting any significant downward corrections.
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Silver Prices in Major Cities:
Delhi: ₹2,901 per gram (₹2,90,100 per kg)
Mumbai: ₹2,901 per gram (₹2,90,100 per kg)
Chennai: ₹3,001 per gram (₹3,00,100 per kg)
Kolkata: ₹2,901 per gram (₹2,90,100 per kg)
Silver has maintained elevated levels relative to its historical averages, backed by both industrial needs and investment interest. The metal tends to exhibit greater volatility than gold, influenced more heavily by global manufacturing trends and economic uncertainty.
On the Multi Commodity Exchange (MCX), gold June futures settled at ₹154,010 per 10 grams, while silver July futures closed at ₹279,570 per kg. Futures data indicated some mild pressure, with silver experiencing a relatively sharper pullback. Analysts note that traders are watching global macroeconomic indicators, currency shifts, and geopolitical developments closely for direction.