Gold and money Prices opened sharply higher on the Multi Commodity Exchange (MCX) on Wednesday after the central government hiked customs duties on imports of gold, silver and other precious metals, with the revised rates taking effect from midnight.
In the domestic market, MCX silver futures for July 2026 delivery jumped by Rs 16,743 or 6 per cent to Rs 2,95,805 per kg. Gold futures for delivery in June 2026 rose by Rs 9,206 or 6 per cent from Rs 1,62,648 per 10 grams. In the previous session, silver ended higher, while gold edged lower.
Following the revision, the total customs duty on gold and silver was increased to 15% from 6% earlier. The government imposed a 10% basic customs duty and a 5% Agricultural Infrastructure and Development Tax (AIDC) on gold and silver imports, raising the effective import tax from 6% to 15%.
In the international market, spot gold fell 0.4% to $4,695.99 an ounce, while US gold futures for June delivery rose 0.4% to $4,705.30. Among other precious metals, spot silver rose 0.2% to $86.71 an ounce after earlier in the session touching its highest level since March 11. Platinum fell 0.8% to $2,109.53, while palladium slipped 0.2% to $1,487.47.
Recent data showed that US consumer inflation accelerated further in April, with the annual inflation rate recording its biggest increase in almost three years. The figures further reduced market expectations for a Fed rate cut this year, weighing on sentiment globally.
How to trade gold?Manoj Kumar Jain of Prithvi Finmart said both the precious metals are witnessing extremely high volatility, although silver prices may maintain support near $76.00 per troy ounce, while gold is likely to maintain support around $4,555.00 per troy ounce on a weekly closing basis.
According to Jain, gold has support between $4,640 and $4,610 and resistance between $4,740 and $4,770 per troy ounce. Silver has support between $82.40 and $80.00, while resistance is seen between $88.80 and $92.00 per troy ounce in the current session.
On MCX, gold has support at Rs 1,52,800-1,52,100 and resistance at Rs 1,54,000-1,54,850, while silver has support at Rs 2,74,400-2,70,700 and resistance at Rs 2,83,000-2,88,000.
He advised traders holding long positions in the two precious metals, based on these recommendations, to make profits close to the target levels.
Gold prices on physical markets
Gold Price Today in Delhi
Standard gold (22 carat) prices in Delhi are Rs 1,13,048/8 grams while pure gold (24 carat) prices are Rs 1,23,312/8 grams.
Gold Price Today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,192/8 grams.
Gold Price Today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,14,704/8 grams while pure gold (24 carat) prices stand at Rs 1,25,072/8 grams.
Gold Price Today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,192/8 grams.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
