Precious metal prices in India experienced a marginal uptick on May 13, 2026, as domestic markets reacted to recent policy changes and global economic cues. While geopolitical tensions in West Asia and mixed signals from the US dollar contributed to cautious investor sentiment, a significant factor influencing the market was the Centre's decision to increase import duty on gold and silver.
The government recently raised the import duty on both precious metals to 15% from the previous 6% on Wednesday, a move expected to drive prices upward in the coming weeks. Despite this, current domestic demand remains stable, preventing sharp corrections.
Domestic Bullion Rates on May 13, 2026
As of May 13, 2026, retail market rates show 24-carat gold trading around ₹15,399 per gram, while 22-carat gold is priced near ₹14,116 per gram. Silver prices have also risen, hovering close to ₹2,90,100 per kilogram in the domestic bullion market.
Gold Prices Across Major Indian Cities (Per Gram)
- Delhi: 24K Gold ₹15,414 | 22K Gold ₹14,131
- Mumbai: 24K Gold ₹15,399 | 22K Gold ₹14,116
- Chennai: 24K Gold ₹15,634 | 22K Gold ₹14,331
- Kolkata: 24K Gold ₹15,399 | 22K Gold ₹14,116
Silver Prices in Key Metros
- Delhi: ₹2,901 per gram | ₹2,90,100 per kg
- Mumbai: ₹2,901 per gram | ₹2,90,100 per kg
- Chennai: ₹3,001 per gram | ₹3,00,100 per kg
- Kolkata: ₹2,901 per gram | ₹2,90,100 per kg
Impact of Import Duty Hike
The recent increase in import duty on gold and silver from 6% to 15% is a significant development for the Indian bullion market. This policy adjustment is anticipated to push domestic prices higher in the near future, making imported precious metals more expensive for consumers and jewelers.
Factors Influencing Precious Metal Prices
Several factors contribute to the daily fluctuations in gold and silver prices across India:
- International bullion rates
- Rupee-dollar exchange rate movements
- Government import duties
- Seasonal demand, particularly during wedding and festive seasons
Unlike gold, silver prices are notably more sensitive to global manufacturing trends, which can lead to greater volatility during periods of economic uncertainty.
MCX Futures Market Performance
In the Multi Commodity Exchange (MCX) on May 12, 2026, gold (June futures) settled slightly higher, closing at ₹154,010 per 10 grams. Silver (July futures) concluded the session at ₹279,570 per kilogram. Analysts note that traders remain cautious, closely monitoring global macroeconomic cues, currency movements, and geopolitical developments to determine future trends in the precious metals market.