Gold & Silver Prices Are Through the Roof Today

Gold & Silver Prices Are Through the Roof Today.

And the government just made things more expensive — here’s what’s actually going on

If you checked gold prices today and did a double-take — you weren’t imagining things.

Gold is sitting at ₹15,399 per gram for 24-carat as of this morning. Silver is hovering around ₹2,90,100 per kilogram. And these aren’t just market fluctuations doing their usual thing. Something bigger is at play today, and it involves a government decision that landed just hours ago.

The Centre has officially hiked the import duty on gold and silver from 6% to 15%. That’s more than double. And it’s effective immediately.

If you’re a jeweller, an investor, someone planning a wedding, or just a person who’s been watching their savings sitting in gold — this affects you. So let’s break it down properly, without the jargon. 

Today’s Gold & Silver Prices at a Glance

Here are the live rates as of 13 May 2026, across the major domestic markets:

GOLD  —  today’s rates

SILVER  —  today’s rates

Year-on-year context: Silver has surged over 171% from ₹96,890/kg in May 2025. Gold has gained around 57% over the same period. These aren’t small moves — they’re historic.

Prices vary slightly across cities because of local taxes, transportation costs, and jewellers’ margins. Delhi, Mumbai, Chennai, Kolkata — each city has its own micro-pricing. But the directional story is the same everywhere today: up. 

The Import Duty Hike — From 6% to 15%. What Does That Mean?

Let’s start with the basics. India imports almost all of its gold. We don’t mine it domestically in any meaningful quantity. Every bar, every coin, every biscuit of gold that ends up in a jeweller’s shop or an investor’s locker — it came in from somewhere else. Switzerland, South Africa, UAE, the international bullion markets.

Import duty is the tax the government charges on that incoming gold. Until yesterday, it was sitting at 6%. Now it’s 15%. Plus, there’s IGST of 3% on top of that for retail purchases. Stack it all up and you’re looking at a meaningful increase in what it costs to bring gold into the country — which flows directly into what you pay at the counter.

Why Did the Government Do This?

This move didn’t come out of nowhere. Context matters here.

India has been under serious pressure on its foreign exchange reserves. Geopolitical tensions in West Asia have pushed crude oil prices sharply higher, putting strain on the rupee. The dollar has been strengthening. And in this environment, gold imports — which are already one of India’s biggest import expenditures after crude — were adding to the problem.

In fact, just days before this announcement, Prime Minister Modi made a rare public appeal asking Indians to avoid buying gold for a year. That’s not a normal thing for a sitting PM to say. It told you everything about how seriously the government was treating the pressure on reserves and the trade deficit.

The import duty hike is essentially the policy response that followed. The idea: make it more expensive to import gold, reduce the volume of imports, ease pressure on the rupee and the current account. On paper, it’s a logical move.

What the Industry Is Saying

Not everyone is happy. The jewellery industry — which is massive in India, employing millions across manufacturing, retail, and trading — is worried. The concern that’s being raised loudly is about grey markets.

When official import duty gets very high, smuggled gold becomes more attractive. It’s an old problem. India saw it happen in the 1990s when import duties were at elevated levels. The higher the official cost, the wider the gap that smugglers can exploit. Industry bodies have warned that the 15% duty could push a chunk of demand underground, hurting legitimate businesses and costing the government the tax revenue it was hoping to gain.

Stocks of jewellery companies like Titan, Kalyan Jewellers, and Senco Gold have come into focus today as investors try to figure out how this duty hike will hit their margins and volumes. 

What Actually Moves Gold & Silver Prices in India?

The import duty is one piece. But gold and silver prices in India are driven by a whole set of forces working together. Understanding them helps you make sense of why prices move the way they do.

• International bullion rates — Gold is priced globally in US dollars. Whatever happens at the COMEX in New York or the London Bullion Market sets the base. India is a price-taker, not a price-setter.
• The rupee-dollar exchange rate — This one is underappreciated. Even if international gold prices stay flat, a weakening rupee makes gold more expensive in India automatically. Right now, the USD/INR is around ₹95.63 — a level that’s adding meaningful pressure on domestic prices.
• Import duty and taxes — Which we’ve just seen go up sharply. Basic customs duty (now 15%) plus IGST (3%) plus Agricultural Infrastructure Development Cess (AIDC) add up quickly.
• Geopolitical tensions — Gold is a safe-haven asset. When the world feels uncertain — war, trade conflicts, financial stress — money flows into gold. West Asia tensions right now are doing exactly this.
• Seasonal demand — India’s wedding season and festive periods drive real physical demand. With weddings coming up across the country, retail buyers aren’t backing off just because prices are high.
• Silver’s industrial angle — Unlike gold, silver has a heavy industrial use case — solar panels, EV batteries, electronics. That keeps a structural floor under silver prices even when investment demand softens.

So What Should You Actually Do?

Honestly? That depends on why you’re interested in gold or silver in the first place.

If you’re buying for a wedding or festival — prices are high and just got structurally more expensive with the duty hike. If you have flexibility on timing, waiting for a correction makes sense. If you don’t, you don’t. Weddings happen on auspicious dates, not market dips.

If you’re an investor — gold’s year-on-year performance of 57% speaks for itself. Silver’s 171% gain is even more striking. Whether these levels are sustainable depends on how long the geopolitical and currency pressures last. No one actually knows. Anyone who tells you otherwise is guessing.

If you’re a jeweller or a bullion trader — the duty hike creates immediate cost pressure. Inventory bought at lower duty rates becomes relatively cheaper; new imports will cost significantly more. The next few weeks will be about managing that transition.

One thing is clear though. The government’s intervention — both PM Modi’s public appeal and now the duty hike — signals that this isn’t a routine policy tweak. They’re genuinely worried about where the economy is headed if gold imports continue at the current pace. That context matters.

Bottom line for today: Gold at ₹15,399/gram. Silver at ₹2,90,100/kg. Import duty doubled to 15%. The direction is clear. Whether you’re buying, selling, or just watching — this is a market worth paying close attention to right now. 

The Filing Zone covers financial and tax news that affects businesses and individuals in Ghaziabad and across India. For any queries about GST on gold purchases, import duty implications, or tax compliance for your business — call us on +918178508772.