India hikes gold, silver import duty to 15%; MCX gold jumps 6% to Rs 1.62 lakh, silver tops Rs 2.97 lakh/kg
On May 13, 2026, India raised gold and silver import duty from 6% to 15% amid Middle East tensions. MCX June gold futures surged 6% to Rs 1,62,334 per 10g; July silver futures climbed 6.52% to Rs 2,97,251/kg. Jewellery retailers face margin and demand pressure despite PM Modi urging buyers to defer purchases.
What happened
On May 13, 2026, India hiked gold and silver import duties from 6% to 15% amid Middle East conflict; MCX gold June futures jumped 6% to Rs 1,62,334/10g and
Key facts
- import duty raised from 6% to 15%
- MCX gold June futures +6% / +Rs 9,188 to Rs 1,62,334 per 10g
- gold later +5.67% at Rs 1,61,830
- MCX silver July futures +6% / +Rs 16,743 to Rs 2,95,805/kg
- silver later +6.52% / +Rs 18,189 at Rs 2,97,251/kg
Why this matters
Distressed regional jewellers and unhedged bullion dealers become acquisition targets as working-capital strain from duty-inflated inventory accelerates consolidation.