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Gold-Silver Rate Today In India: After MCX Hike, there is sudden panic in the bullion market. Modi government has imposed 10% basic custom duty and 5% cess on gold and silver overnight. Due to this, the effective import tax has now directly increased from 6% to 15%. Due to this sudden increase in import duty, gold price on MCX jumped by more than Rs 10000. Now it is trading strongly at the record level of Rs 164497 per 10 grams. On the other hand, silver also crossed Rs 3 lakh with a rise of Rs 22299 per kg.

Import duty increased in initiative to save foreign exchange reserves

PM Modi had made a special appeal to the people of the country not to buy gold for a year. After this, the central government wants to strictly curb foreign purchases of precious metals. The main objective of the government is to quickly reduce the huge pressure on foreign exchange reserves by reducing imports. (Import Duty on Gold)

India fulfills its huge gold consumption needs mainly through imports. In the last financial year 2025-26, India’s gold import increased by 24% to a record level of $ 71.98 billion. Due to weak returns of the stock market, the demand for investment in gold has increased significantly. According to the World Gold Council, India’s gold ETFs increased by 186% year-on-year in the March quarter. The total investment in this has reached the historical level of 20 metric tons. Nearly 50% of India’s jewelery demand is now met through exchange and recycling of old gold.

Situation of gold and silver prices in the international market

Unlike the Indian market, there has been a slight decline in gold prices in the international market. Here the spot price of gold has fallen by 0.4% to $ 4,695.99 an ounce. Apart from this, spot silver has increased by 0.2% and reached the level of $ 86.71 per ounce.

What are the experts saying?

According to commodity expert Anuj Gupta, gold prices on MCX can go from Rs 1.68 lakh to Rs 1.70 lakh. Ajay Kedia said that the market was not at all expecting the government to increase the import duty. This historic rise has come entirely due to increase in import duty.