NEW DELHI: Gold and silver prices in India posted sharp gains this week after a rise in import duties, with both metals climbing to multi-month highs, according to industry data.
Silver rose by Rs 12,900 per kilogram, reaching Rs 2.69 lakh, up from Rs 2.56 lakh on May 9, data from the India Bullion and Jewellers Association (IBJA) showed.
Gold also advanced, gaining Rs 7,132 over the week. The price of 10 grams of 24-carat gold rose from Rs 1.51 lakh to Rs 1.58 lakh, IBJA data indicated.
Retail gold prices varied across major cities. Chennai recorded the highest rate at Rs 1,60,910 per 10 grams. Delhi, Jaipur and Lucknow stood at Rs 1,57,080, while Ahmedabad, Patna and Bhopal reported Rs 1,56,980. Mumbai, Kolkata and Raipur recorded Rs 1,56,930, according to GoodReturns data.
The rally comes amid continued volatility in 2026, with gold rising Rs 25,015 year-to-date from Rs 1.33 lakh at the start of the year. Silver has gained Rs 38,080 from its opening price of Rs 2.30 lakh per kilogram.
Both metals had previously hit record highs on January 29, when gold reached Rs 1.76 lakh and silver touched Rs 3.86 lakh.
The increase follows a government decision to raise import duties on gold and silver from 6% to 15%, including a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess.
Consumer groups have advised buyers to check BIS hallmark certification on jewellery and verify daily rates through official bullion association data before making purchases.
Disclaimer: VisionMP does not guarantee the accuracy of prices or data in this report. Readers should verify details from official sources before any financial decision.
