Will Gold, Silver Get Costlier After Import Curbs and Duty Hike? Check 24K, 22K, 18K Rates Today In Delhi, Mumbai, Chennai, Kolkata

Gold and silver prices remained elevated on May 17, 2026, as global uncertainty, inflation worries and fresh government restrictions on silver imports triggered renewed attention in the bullion market. While gold continued to gain support from safe-haven demand, silver prices are witnessing a sharper reaction after India shifted bullion-grade silver imports from the “free” category to the “restricted” category.

The latest move means that importers will now require government authorisation before bringing silver into the country. Combined with the recent increase in import duty on gold and silver from 6% to 15%, the policy shift is expected to impact domestic bullion prices directly in the coming weeks.

Gold and Silver Prices Today In India

Gold Prices On May 17, 2026

(Source: Good Returns)

Silver Prices On May 17, 2026

(Source: Good Returns)

Silver is quoting near Rs 2,80,000 per kilogram nationally, while Silver 925 rates are hovering around Rs 2,79,000 per kilogram.

Why Is India Restricting Silver Imports?

The government’s latest decision comes after a massive jump in silver imports raised concerns around foreign exchange outflows. Official trade data showed that silver imports alone surged by 157.16% year-on- year in April 2026.

India’s import of silver increased to $411.06 million in April this year from $159.85 million in April 2025. Imports rose sharply by over 181.17% to ₹3,845.51 crore in rupee terms.

The government feels that duty-free import of precious metals is putting avoidable pressure on forex reserves at a time when uncertainties are high due to tensions in West Asia and fears of a prolonged geopolitical conflict.

Prime Minister Narendra Modi too had appealed to the citizens to avoid buying non-essential gold and unnecessary foreign trips to help save foreign exchange reserves.

Also Read: Silver Bar Imports No Longer ‘Free’ In India; New DGFT Rules Take Effect Immediately

Is Silver Going to Get More Expensive Now?

This issue is now one of the biggest questions in the bullion market.

Short answer: If import restrictions reduce supply and demand remains strong, silver prices may remain high or rise even higher.

Silver prices in India are heavily import-driven, with local production being minimal. When imports become difficult or expensive due to higher duties or licensing restrictions, traders typically pass those costs on to buyers.

Market watchers say three big factors could keep silver prices volatile.

Higher import duty at 15%
Restricted import rights
Robust global industrial demand

Silver, unlike gold, is not only a jewellery and investment metal. It is also widely used in solar panels, electronics, EV components and industrial manufacturing processes. And when supplies are disrupted, industrial demand often pushes prices sharply higher.

Will Gold Prices Also Go Higher?

Gold prices may remain strong as global uncertainty rises.

Gold is typically the global investors’ choice during times of geopolitical stress, inflation fears and currency volatility. The ongoing crisis in West Asia and pressure on crude oil supply routes have already triggered global safe-haven buying.

India’s increase in import duty on precious metals has also raised the domestic landed costs of gold.

Currently, analysts say that gold prices in India are being affected by:

Global safe haven demand
USD Movement
Fear of inflation
Rise in import duties
Wedding and festive demand in India 

Further escalation in geopolitical tensions or rupee weakness can keep domestic gold prices elevated.

Why Is Silver Suddenly Booming In Imports?

Trade data show silver buying in India has been unusually strong in the last few months.

Silver shipments to India surged 91% to 247,008 kg in March 2026 from 128,987 kg a year ago. During the month imports climbed by more than 416% in value.

Traders are said to have hurried to import goods ahead of possible restrictions and higher duties. Some market participants also believe that investors are moving more towards silver, as gold has already become too costly for retail buyers.

Should You Wait Or Buy Gold and Silver Right Now?

It mostly depends on the purpose of buying.

Experts say jewellery buyers may continue to face high price volatility in the short term as policy changes and global uncertainty are still playing out.

Silver still attracts investor attention as it tends to benefit from both the industrial growth cycle and the safe-haven demand cycle. Analysts, however, caution that silver is much more volatile than gold.

Will Gold and Silver Prices Rally Further Despite Import Restrictions

India’s decision to limit silver imports is a major shift for its domestic bullion market. Gold and silver prices may continue to be sensitive to policy changes, geopolitics and currency movements, with import duties already higher and global uncertainty on the rise.

(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)