Gold Prices Surge Sharply After Import Duty Hike!

Gold and silver prices witnessed a massive surge in the domestic market following the increase in customs duty on imports of precious metals. In Hyderabad’s bullion market, the price of 24-carat gold crossed ₹1.65 lakh per 10 grams, marking a sharp rise of nearly ₹9,000 in a single day. Silver prices also climbed significantly, with one kilogram crossing ₹2.95 lakh. On the Multi Commodity Exchange (MCX), gold futures for June delivery rose 6% to ₹1,62,648, while silver futures for July delivery surged to ₹2.95 lakh per kilogram. Internationally, gold prices crossed $4,707 per ounce and silver moved above $86.

The sharp rise in bullion prices also boosted Gold and Silver ETFs. Quantum Gold Fund jumped nearly 15% intraday, while Tata Gold ETF and Zerodha Gold ETF gained strongly. However, jewellery stocks continued to remain under pressure for the third straight session. Investors fear reduced consumer demand after Prime Minister Narendra Modi’s appeal to limit gold purchases and the increase in import duties. Shares of Sky Gold and Diamonds fell 11%, while Kalyan Jewellers and Senco Gold also recorded notable declines during trading.