Precious Metals surge as Indian government doubles effective tax paid on import of gold and silver

MCX Precious Metals surged today as the Indian government has doubled the effective tax paid on the import of gold and silver to a total of 18.4% from the previous 9.2%, effective from May 13, 2026. It made the changes through two separate notifications issued late night on May 12. The government on Wednesday hiked import duties on gold and silver to 15% from 6%. This propped up local gold and silver futures. MCX Gold is trading at Rs 162325 per 10 grams, up 5.80% on the day. MCX Silver 296845 per kg, up 6.40% on the day.

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