Buying gold and silver becomes expensive from today, Modi government increased the import duty significantly; Prices increased by so many thousand rupees
Gold-Silver Import Duty Increased: Buying gold and silver has become expensive from today (Gold-silver Price Hike). Within 24 hours of PM Narendra Modi’s appeal to the countrymen not to buy gold for a year, the Modi government has increased the custom duty on gold and silver. Due to this step of the government, import of gold, silver and other precious metals has now become expensive. Modi government increased the effective import duty on gold and silver from 6 percent to 15 percent, which has come into effect from midnight of May 13, 2026. Due to increase in custom duty on gold and silver, an immediate jump of up to Rs 2000 per 10 grams can be seen in the prices of gold and silver.
Let us tell you that due to Iran war, there is a shortage of oil and gas in the world due to lack of oil and gas supply from Gulf countries. Due to the war, the prices of crude oil and gas are increasing exponentially. Importing oil and gas at expensive prices is affecting the foreign exchange reserves. In view of this, PM Narendra Modi had made 7 appeals to the people of the country twice within 24 hours. in these To use less petrol and diesel And There was also an appeal not to buy gold for 1 year. Now Modi government has come into action mode regarding this.
In the order issued by the Central Government on Wednesday (May 13, 2026), it has been said that India has increased the import tariff on gold and silver from 6% to 15%. This is part of efforts to restrict foreign purchases of metal and reduce pressure on the country’s foreign exchange reserves. The government has increased the Basic Customs Duty (BCD) to 10 percent, on which 5 percent Agriculture Infrastructure and Development Cess (AIDC) is applicable. Due to this the total tax has increased to 15 percent. Similarly, a new duty of 10 percent will also be applicable on platinum and jewelery findings (pins, hooks).
Immediate jump to Rs 2000 per 10 grams
This increase in custom duty may affect the demand for gold, silver and other precious metals in India. Due to increase in import duty, there can be an immediate rise in the prices of gold and silver by Rs 2000 per 10 grams. Shares of companies like Titan, Kalyan Jewelers and Senco Gold may have a big impact.
India is the second largest gold buyer in the world
India is the second largest gold purchasing country in the world. Every year about 700-800 tonnes of gold is consumed in the country, whereas only 1 to 2 tonnes of gold is produced. About 90 percent of India’s gold requirement is dependent on imports. After purchasing gold, it is paid in dollars. If we look at the figures for the financial year 2025-26, India’s gold import had reached $ 72 billion, which is an increase of 24 percent as compared to $ 58 billion in the financial year 2025.
There was a big cut in custom duty in the budget of 2024
It is noteworthy that the Government of India had made a big cut in the custom duty on gold, silver and other precious metals in the budget of 2024. The Government of India then reduced the custom duty on gold, silver and other precious metals from 15 percent to 6 percent. After this step of the government, a record increase in the import of gold and silver was seen.
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