MCX iCOMDEX Composite index up 4% as bullion rises on increased import duty
This story was originally published at 11:30 IST on 13 May 2026
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MUMBAI – The iCOMDEX Composite index of the Multi Commodity Exchange of India rose nearly 4% in early trade Wednesday as gold and silver rates increased after the government announced a hike in duties on imports of the bullion metals. The Composite index opened at 26132.70 points, higher from the previous day's close of 26078.12 points. By 1106 IST, it had risen 3.73% and was trading at 27049.98 points.
Among the components of the Composite index, bullion was up 5.63%, with gold and silver up 5.71% each.
The government issued a notification on Tuesday increasing import duties on gold and silver to 15% from 6% earlier. Customs duties on gold and silver imports were increased to 10%, while the Agriculture Infrastructure and Development Cess was increased to 5%. In the Budget for 2024–25 (Apr-Mar), customs duties on gold and silver were reduced to 6% from 15%.
The base metal index was up 0.37% from the previous close, as copper and lead were higher by 0.76% and 0.15%, respectively, while zinc was up 0.25%. On the other hand, aluminium was trading flat.
The energy index was down 1.36%, with crude oil down 1.45% and natural gas down 0.14%.
The MCX iCOMDEX comprises a series of real-time commodity futures price indices and tracks the performance of a basket of commodity futures. It serves as a benchmark for market movements in bullion, base metals, and energy. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Abhijit Doshi
Edited by Vandana Hingorani
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