Indian Thought Latest News & Views
New Delhi: Gold prices across India witnessed a sharp rise after the government increased import duty on precious metals. Following the revised tax rates, gold prices jumped in major cities including New Delhi and Chennai.
On May 14, 2026, the price of 24-carat gold in Delhi reached around ₹1,62,160 per 10 grams, while in Mumbai it climbed to nearly ₹1,62,010 per 10 grams. Silver prices also recorded a significant increase in the domestic market.
The government has raised import duty on gold and silver from 6% to 15%. Import duty on platinum has also been increased. The revised rates came into effect from May 13, 2026.
Market experts believe that the higher import duty, along with the weakening Indian rupee, has pushed domestic gold prices upward. The rupee recently touched a record low against the US dollar, increasing the cost of imports.
International gold prices also remained strong, with spot gold trading above $4,700 per ounce in the global market, further influencing Indian bullion prices.
Analysts say gold prices may continue to remain volatile in the coming days, while higher rates could temporarily impact consumer demand during the wedding and festive season.
