Gold and silver prices witnessed a sharp surge at the opening on the Multi Commodity Exchange (MCX) on Wednesday after the Centre increased customs duties on imports of gold, silver and other precious metals. The revised duty structure came into force from midnight.
In domestic trade, MCX silver contracts for July 2026 delivery climbed Rs 16,743, or 6%, to Rs 2,95,805 per kilogram. Gold futures for June 2026 delivery also jumped significantly, rising Rs 9,206, or 6%, to Rs 1,62,648 per 10 grams. In the previous trading session, silver had ended with gains, while gold settled slightly lower.
With the latest revision, the effective customs duty on gold and silver imports has been increased to 15% from the earlier 6%. The government has levied a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC) on imports of the two precious metals, taking the overall import tax to 15%.
