MCX gold tops ₹1.63 lakh as rupee hits record low, duty hike amplifies rally

Gold on MCX crossed ₹1.63 lakh with resistance at ₹1,64,000 and upside targets of ₹1,65,000-₹1,66,000, lifted by geopolitical tensions, a record-low rupee at 95.63, and India's import duty hike from 6% to 15%. COMEX gold held $4,700-$4,730; silver traded above ₹2,95,000.

— FiledWed, 13 May, 2026, 11:10 IST·First seen Wed, 13 May, 2026, 11:09 IST·Source The Hindu BusinessLine

What happened

MCX gold crossed ₹1.63 lakh amid geopolitical tensions, record-low rupee at 95.63, and India's import duty hike to 15% from 6%. COMEX gold held $4,700-$4,730;

Key facts

  • ₹1,63,000
  • ₹1,64,000
  • ₹1,65,000-₹1,66,000
  • $4,700-$4,730
  • $4,780-$4,800
  • $4,670-$4,640
  • 15%
  • 6%
  • 95.63
  • 32 paise
  • 95.43-95.74
  • 95.45-95.90
  • 3.8%
  • 2.8%
  • 4.47%
  • ₹2,95,000
  • $87-$88

Why this matters

The duty-driven cost shock and FX weakness create a window to accelerate M&A talks with smaller jewellers facing working-capital strain, while revisiting hedging JVs and bullion-sourcing partnerships to structurally de-risk margin exposure.