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Import Duty Increase to 15% Triggers Surge in Gold and Silver Rates
Gold and silver prices today: Gold and silver prices have seen a sharp increase this week, with gold rising by ₹8,100 and silver by ₹12,900. This increase is due to the Modi government increasing the import duty on precious metals from 6% to 15%.
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“Import Duty Increase to 15% Triggers Surge in Gold and Silver Rates”
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16 May 2026
Prices for gold and silver increased during the week. The price increase of gold was around ₹8,100 per 10 grams, while that of silver was ₹12,900 per kg.
According to the Indian Bullion Jewelers Association (IBJA), the price of 24-carat gold has risen to ₹158,210 per 10 grams, compared to ₹151,078 per 10 grams on the same day last week.
During the last seven days, gold prices surged by ₹8,132 per 10 grams. Thus, 22-carat gold currently sells at ₹144,920 per 10 grams from ₹138,387 previously.
