Gold and silver prices experienced a significant increase on the Multi Commodity Exchange on Wednesday, following the central government’s decision to raise customs duties on imports of gold, silver, and other precious metals, with the new rates coming into effect at midnight. In the domestic market, MCX silver futures for July 2026 delivery increased by Rs 16,743, reflecting a rise of 6%, reaching Rs 2,95,805 per kg. Gold futures for June 2026 delivery experienced an increase of Rs 9,206, reflecting a rise of 6%, bringing the price to Rs 1,62,648 per 10 grams. In the previous session, silver concluded on an upward trajectory, whereas gold experienced a slight decline.
In light of the recent revision, the total customs duty on gold and silver has been increased to 15%, up from the previous rate of 6%. The government has instituted a 10% basic customs duty alongside a 5% Agriculture Infrastructure and Development Cess on imports of gold and silver, resulting in an effective import tax increase from 6% to 15%. In the international market, spot gold experienced a decline of 0.4%, settling at $4,695.99 per ounce, whereas U.S. gold futures for June delivery saw an increase of 0.4%, reaching $4,705.30. Among other precious metals, spot silver increased by 0.2% to $86.71 per ounce after reaching its highest level since March 11 earlier in the session.
Platinum experienced a decrease of 0.8%, settling at $2,109.53, whereas palladium saw a slight decline of 0.2%, reaching $1,487.47. Recent data indicated that U.S. consumer inflation experienced a notable acceleration in April, with the annual inflation rate marking its most significant rise in almost three years. The data has diminished market anticipations regarding a Federal Reserve rate cut this year, consequently impacting global sentiment. Manoj Kumar Jain noted that both precious metals are experiencing significant volatility. He indicated that silver prices may find support near $76.00 per troy ounce, while gold is expected to maintain support around $4,555.00 per troy ounce on a weekly closing basis.
Jain indicates that gold is experiencing support within the range of $4,640-$4,610 and facing resistance between $4,740-$4,770 per troy ounce. Silver exhibits support within the range of $82.40 to $80.00, whereas resistance is identified between $88.80 and $92.00 per troy ounce in the ongoing session. On MCX, gold exhibits support levels at Rs 1,52,800-1,52,100 and resistance levels at Rs 1,54,000-1,54,850. In contrast, silver shows support at Rs 2,74,400-2,70,700 and resistance at Rs 2,83,000-2,88,000. He advised traders maintaining long positions in both precious metals, according to these recommendations, to realize profits as they approach the target levels.