Gold, Silver Prices On MCX Surge After Govt Raises Import Duty To 15 Per Cent

Gold, Silver Prices: Gold and silver prices shot up on the Multi Commodity Exchange (MCX) on May 13 after the government increased the import duty on precious metals such as gold, silver and platinum.

As of 9:30 AM, the MCX gold June futures contract jumped as much as 7 per cent, or by Rs 11,055, to Rs 1,64,497 per 10 grams. Meanwhile, the MCX silver July futures contract rallied around 8 per cent, or Rs 22,367, to Rs 3,01,429 per kg.

The government has increased customs duty on imports of precious metals such as gold, silver and platinum as part of efforts to curb foreign purchases and ease pressure on the country’s foreign exchange reserves. The move comes amid rising global uncertainty due to the ongoing West Asia crisis.