Gold Silver Price Hike: Gold and silver showed their attitude, prices increased by ₹ 11 and ₹ 18. Gold And Silver Prices Surge Signaling Further Hikes

Amidst the rising prices of gold and silver, the Central Government has made a major change in the duty imposed on their import. On May 13, a sharp jump was seen in the prices of both gold and silver in MCX, where gold became costlier by about Rs 10 thousand and silver by about Rs 18 thousand. The price of 10 grams of gold reached Rs 1.63 lakh and the price of 1 kg silver reached Rs 2.97 lakh. The government has imposed 10 percent basic custom duty and 5 percent AIDC on gold, taking the total effective tax to 15 percent. The government’s objective is said to be to control foreign purchases and reduce the increasing pressure on the country’s foreign exchange reserves. It is noteworthy that in the budget of 2024, the import duty of gold was reduced from 15 percent to 6 percent, but now due to increasing demand and economic pressure, strictness has been shown again.