Silver jumps Rs 17,000/kg, gold soars to Rs 1.62 lakh/10g after centre hikes import duty. What should investors do?
By:EconomicTimes
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Gold and
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.
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.
According to Jain, gold has support at $4,640-$4,610 and resistance at $4,740-$4,770 per troy ounce. Silver has support at $82.40-$80.00, while resistance is seen at $88.80-$92.00 per troy ounce in the current session.
On MCX, gold has support at Rs 1,52,800-1,52,100 and resistance at Rs 1,54,000-1,54,850, while silver has support at Rs 2,74,400-2,70,700 and resistance at Rs 2,83,000-2,88,000.
He advised traders holding long positions in both precious metals based on these recommendations to book profits near the target levels.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,13,048/8 grams while pure gold (24 carat) prices stand at Rs 1,23,312/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,192/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,14,704/8 grams while pure gold (24carat) prices stand at Rs 1,25,072/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,192/8 grams.
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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.
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How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said both precious metals were witnessing extremely high volatility, although silver prices could hold support near $76.00 per troy ounce, while gold was likely to sustain support around $4,555.00 per troy ounce on a weekly closing basis.According to Jain, gold has support at $4,640-$4,610 and resistance at $4,740-$4,770 per troy ounce. Silver has support at $82.40-$80.00, while resistance is seen at $88.80-$92.00 per troy ounce in the current session.
On MCX, gold has support at Rs 1,52,800-1,52,100 and resistance at Rs 1,54,000-1,54,850, while silver has support at Rs 2,74,400-2,70,700 and resistance at Rs 2,83,000-2,88,000.
He advised traders holding long positions in both precious metals based on these recommendations to book profits near the target levels.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,13,048/8 grams while pure gold (24 carat) prices stand at Rs 1,23,312/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,192/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,14,704/8 grams while pure gold (24carat) prices stand at Rs 1,25,072/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,192/8 grams.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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