Gold rates today: Duty hike sends 24K to ₹1.63 lakh

What changed overnight

India’s bullion market saw a sudden repricing on Wednesday after the Centre raised import duties on precious metals. The effective import duty on gold and silver was increased to 15% from 6%, and platinum imports will now attract a 15.4% duty. The revised structure includes a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). The change took effect from May 13, with reports noting it came into force from midnight.

The policy move landed at a time when bullion was already in focus due to geopolitical uncertainty and volatile energy prices. With India importing most of the gold and silver it consumes, higher duties typically translate into a higher landed cost for importers. That cost is then reflected in domestic spot rates, futures prices, and eventually retail jewellery pricing.

Gold prices surge across the board

Domestic gold prices jumped sharply following the duty hike. At the time of writing in one market update, 24-carat gold was quoted at ₹1,63,120 per 10 grams, a rise of over ₹9,110 in a single day, described as one of the biggest single-day jumps in recent months. MCX Gold June futures were also reported around ₹1,62,504, up nearly 5.9%.

Early trade quotes showed a similarly strong move, with MCX gold futures jumping ₹9,206, or about 6%, to ₹1,62,648 per 10 grams. The surge highlighted how quickly domestic bullion repriced once the duty structure changed, especially because the new duty directly impacts the cost base for imported metal.

Gold rates today in India (spot)

(As of 13 May 2026, 1:10 PM)

Futures market reaction: MCX gold and silver rally

The most immediate signal came from derivatives, where traders quickly repriced contracts to reflect the higher duty. One update showed MCX Gold June 2026 futures at ₹1,62,504, up ₹9,062 (+5.91%). Another update from early trade put the June contract at ₹1,62,648, up ₹9,206 (about 6%).

Silver mirrored gold’s move. MCX silver futures for July 2026 delivery were reported at ₹2,95,805 per kilogram, up ₹16,743 (nearly 6%) as of 9 am. Later, MCX silver was cited around ₹2,97,121, up ₹18,059 by around 12:45 pm. Together, the moves showed a broad repricing across bullion, not just a gold-specific reaction.

Key numbers at a glance

Why a duty hike moves domestic prices so fast

The duty increase immediately raises the landed cost of imported gold and silver, which feeds into wholesale quotes and futures pricing. Industry commentary in the updates also suggested that buyers of physical gold and jewellery would now effectively face the higher duty environment. Since imported supply is central to India’s bullion ecosystem, even small changes in the tax and duty structure can amplify domestic volatility.

The government’s stated context in the coverage included curbing non-essential imports and protecting foreign exchange reserves amid the escalating West Asia crisis. The move came days after Prime Minister Narendra Modi urged citizens to postpone gold purchases and reduce other foreign exchange outflows for at least a year. The combination of policy action and macro messaging added to the intensity of the market reaction.

What this means for jewellery buyers and households

For consumers, the practical takeaway is that jewellery is likely to become more expensive as retail rates adjust. Reports noted that jewellery stores were expected to revise prices in the coming days. The sharp jump could affect jewellery demand, wedding purchases, festive buying, and near-term investment demand, with jewellers and traders expected to track consumer response closely.

One industry estimate cited in the coverage suggested the duty hike could increase gold prices by nearly ₹27,000 per 10 grams compared to earlier levels. Even without attempting to time the market, households planning near-term purchases may now face a higher starting point, especially if the duty-driven premium persists.

What investors are weighing: buy, sell, or hold

The guidance circulating in the updates leaned toward risk-managed decision-making rather than chasing momentum. For existing holders, several experts cited the role of gold as a preferred hedge during uncertain times, implying a “hold” stance may be reasonable for many portfolios.

For fresh buyers, the emphasis was on avoiding lump-sum purchases immediately after a sharp rally. Staggered buying or SIP-style accumulation was suggested as a way to reduce timing risk in a volatile phase. For investors who are overexposed to gold, partial profit booking or portfolio rebalancing was mentioned as a possible response after a sudden spike.

For buyers needing jewellery soon, the updates noted that waiting for a major correction may not always work if supportive factors such as global tensions and rupee weakness continue to underpin prices. The key point was that timing becomes harder when policy changes reset domestic pricing.

Spillover into gold-linked products

The rally extended into gold-linked investment products. Gold ETFs were reported to have surged intraday, led by Quantum Gold Fund, which jumped nearly 15% to ₹143.37 from a previous close of ₹124.90. Other funds cited included Tata Gold ETF gaining around 12% and Zerodha Gold ETF rising close to 9%, reflecting how quickly listed products can respond to changes in domestic bullion pricing.

Technical levels and near-term watchpoints

Analyst commentary in the coverage pointed to a near-term moderately bullish bias but with the risk of short-term swings. One view cited support around 160,000–157,000 and resistance in the 165,000–180,000 zone for MCX gold. Another noted immediate resistance near ₹1,64,000, with a sustained move potentially extending toward ₹1,65,000–₹1,66,000.

Beyond charts, the more immediate variables flagged were the higher duty itself, the premium it creates over global prices, and how consumers react once retail pricing resets. The extent to which the market sees profit-booking after the initial spike was also cited as a factor that could influence day-to-day volatility.

Conclusion

Gold and silver prices in India repriced sharply after the Centre increased import duty on gold and silver to 15% from 6%, immediately lifting domestic spot rates and MCX futures. With the new structure now in effect, jewellers are expected to adjust retail prices, and investors are likely to focus on volatility management rather than aggressive lump-sum buying. The next few days will be closely watched for consumer demand trends and how bullion-linked products react as the market digests the higher landed cost environment.