Spot gold opens higher tracking MCX, COMEX, hike in gold import duty
This story was originally published at 15:52 IST on 13 May 2026
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MUMBAI – Gold prices in the spot market opened higher Wednesday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX. Spot prices also rose as the government on Tuesday increased duties on gold and silver to 15% from 6%, traders said.
In Mumbai, gold of 99.9% purity opened at INR 160,411 per 10 grams, up from Tuesday's closing price of INR 151,632 per 10 grams, according to data from the India Bullion and Jewellers Association Ltd. Traders were offering a discount of INR 8,000 per 10 grams. "Gold prices rose due to increase in duty," said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.
In a bid to dissuade people from buying gold and curb imports of precious metals, the government on Tuesday increased duties on gold and silver to 15% from 6%. In notifications issued late Tuesday night, 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 government has also increased the import duty on platinum to 15.4% from 6.4%.
This comes just a few days after Prime Minister Narendra Modi urged people to reduce fuel consumption and avoid non-essential gold purchases to reduce India's import bill and save foreign exchange. End
Reported by Taniva Singha Roy
Edited by Avishek Dutta
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