Gold Rates Today: Midnight Gold Import Duty Shock Drives Market Frenzy. Local prices diverge after import duty hike hits Indian gold market, while global prices remain rangebound India’s gold market buzzed to life after a midnight import duty hike triggered a sharp divergence in local prices, even as global gold markets remained comparatively rangebound. Suddenly, buying gold wasn’t just about jewellery choices anymore, it felt more like stepping into an economic thriller. As 24K gold prices surged to ₹1,53,990 per 10 grams, jewellers, investors, and hurried bridegrooms began revisiting their budgets. Overnight, the government’s policy move effectively added extra weight to every gram of gold sold locally. While international markets stayed relatively calm, Indian buyers were instantly thrown into a frenzy. It’s yet another reminder that in India, gold prices don’t just follow markets, they follow midnight policy decisions.
Gold Rates On MCX Today
India’s gold market erupted into a full-blown fireworks show on MCX when the government’s midnight order to double the effective gold import duty to 15% caused a ripple effect of rising prices. MCX gold futures for June 5 contracts jumped almost 6.5% to reach an intraday peak of ₹1,63,360 per 10 grams, one of the biggest single-day rallies in recent history. From jewellers to investors, everyone was scrambling to recalculate the cost of gold, which suddenly became much more expensive overnight. The rally added more than ₹9,000 per 10 grams in a single session and once again proved that in India, policy announcements send gold prices soaring at a pace no global market has ever been able to match.
What Are The Gold Rates Today In Different Cities Of India?
Check Out The Latest Rates In Major Cities:
| City | 24K Gold Price (10g) | 22K Gold Price (10g) | 18K Gold Price (10g) |
|---|---|---|---|
| Chennai | ₹1,56,340 | ₹1,43,310 | ₹1,17,250 |
| Delhi | ₹1,54,140 | ₹1,41,310 | ₹1,15,620 |
| Mumbai | ₹1,53,990 | ₹1,41,160 | ₹1,15,500 |
| Bangalore | ₹1,53,990 | ₹1,41,160 | ₹1,15,500 |
| Hyderabad | ₹1,53,990 | ₹1,41,160 | ₹1,15,500 |
| Kolkata | ₹1,53,990 | ₹1,41,160 | ₹1,15,500 |
| Kerala | ₹1,53,990 | ₹1,41,160 | ₹1,15,500 |
| Pune | ₹1,53,990 | ₹1,41,160 | ₹1,15,500 |
- Gold rates in Chennai: 24K is ₹1,56,340 | 22K is ₹1,43,310 | 18K is ₹1,17,250
- Gold rates in Delhi: 24K is ₹1,54,140 | 22K is ₹1,41,310 | 18K is ₹1,15,620
- Gold rates in Mumbai: 24K is ₹1,53,990 | 22K is ₹1,41,160 | 18K is ₹1,15,500
- Gold rates in Bangalore: 24K is ₹1,53,990 | 22K is ₹1,41,160 | 18K is ₹1,15,500
Silver Rates Today Across Major Indian Cities (Per Kg, 100g & 10g)
| City | 1 Kg Silver Rate | 100g Silver Rate | 10g Silver Rate |
|---|---|---|---|
| Chennai | ₹3,00,100 | ₹30,010 | ₹3,001 |
| Delhi | ₹2,90,100 | ₹29,010 | ₹2,901 |
| Mumbai | ₹2,90,100 | ₹29,010 | ₹2,901 |
| Bangalore | ₹2,90,100 | ₹29,010 | ₹2,901 |
| Hyderabad | ₹3,00,100 | ₹30,010 | ₹3,001 |
| Kolkata | ₹2,90,100 | ₹29,010 | ₹2,901 |
| Kerala | ₹3,00,100 | ₹30,010 | ₹3,001 |
| Pune | ₹2,90,100 | ₹29,010 | ₹2,901 |
Why Gold & Silver Prices Exploded Overnight in India? Key Reasons
- India’s gold and silver markets were struck by an unexpected midnight policy move from the government, which raised the effective import duty on precious metals from 6% to 15%. Since India imports a large proportion of its gold and silver, the tax hike immediately drove up MCX futures and retail prices, turning jewellery shopping into a major budget concern overnight.
- The surprise measure is part of the government’s effort to defend its forex reserves and curb undesirable fiscal outflows caused by excessive imports. Already under pressure from global uncertainty and tensions in the Middle East, policymakers are now keen to prevent precious metals from siphoning off dollar reserves. In simple terms, the government is trying to cool India’s gold fever before it overheats the economy.
(With Inputs From Good Returns)
Read More: Gold, Silver Imports Get Costlier! India Hikes Duty To 15% In Midnight Action…
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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