Gold, Silver Rates Today Highlights: Gold and silver prices in India traded with strong gains on Wednesday after the government announced an increase in the import duties on the precious metals.
MCX gold rate for June futures contracts opened 1% higher at ₹1,54,851 per 10 grams as against its previous close of ₹1,53,442 level. MCX silver rate for July futures contracts opened 4% higher at ₹2,90,224 per kg as compared with its previous close of ₹2,79,062 level.
The bullish momentum sustained and the MCX gold price and silver prices jumped over 6% each.
In the international market, gold prices edged lower as uncertainty relating to the US-Iran war and stronger-than-expected US inflation data dimmed hopes for Federal Reserve rate cuts.
Spot gold price fell 0.4% to $4,695.99 per ounce, while US gold futures for June delivery gained 0.4% to $4,705.30. Spot silver rose 0.2% to $86.71 per ounce.
Import Duty Hike
To reduce overseas purchases of precious metals and ease pressure on foreign exchange reserves, the central government has raised import tariffs on gold and silver to 15% from 6%.
The basic customs duty on several categories of gold and silver imports has been hiked to 10% from 5%, while the Agriculture Infrastructure and Development Cess (AIDC) of 5% continues, taking the total effective import tax to 15%.
Stay tuned to this segment for live updates on MCX gold rate and MCX silver rate today.
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