Gold and silver prices opened sharply higher on Multi Commodity Exchange (MCX) on Wednesday after the central government hiked customs duty on imports of gold, silver and other precious metals, with the revised rates taking effect from midnight.
In the domestic market, MCX silver futures for July 2026 delivery jumped Rs 16,743 or 6% to Rs 2,95,805 per kg. Gold futures for June 2026 delivery rallied Rs 9,206 or 6% Rs 1,62,648 per 10 grams. In the previous session, silver ended higher, while gold dropped marginally lower.Following the revision, the total customs duty on gold and silver has been raised to 15% from 6% earlier. The government has imposed a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15% from 6%.
In the international market, spot gold fell 0.4% to $4,695.99 per ounce, while U.S. gold futures for June delivery rose 0.4% to $4,705.30. Among other precious metals, spot silver rose 0.2% to $86.71 per ounce after touching its highest level since March 11 earlier in the session. Platinum declined 0.8% to $2,109.53, while palladium slipped 0.2% to $1,487.47.
Recent data showed U.S. consumer inflation accelerated further in April, with the annual inflation rate recording its sharpest increase in nearly three years. The figures have further reduced market expectations of a Fed rate cut this year, thus weighing on sentiment globally.
