HISTORIC Rally In Gold Rate Today In Chennai, Hyderabad & Mumbai: 24K Gold Spikes By Rs. 1.4 Lac Overnight

Gold rate today in India recorded a historic surge on Wednesday after the Government of India announced a sharp increase in import duty on precious metals, including gold, silver and platinum. The news announcements triggered panic buying and a massive rally in domestic bullion markets, which made the yellow metal massively more expensive overnight.

The import duty on precious metals has been doubled from 5% to 10%, effective from May 13. After the announcement, gold rates across major Indian cities, including Chennai, Hyderabad and Mumbai, skyrocketed, while silver prices also surged sharply.

Gold Rate Today In India City-Wise May 13

Chennai Gold Rate Today

In Chennai, 24-carat gold prices surged dramatically after the duty hike announcement. The 24K gold rate in Chennai per 10 grams jumped to Rs. 1,68,000 from Rs. 1,56,330 in the previous session, with a sharp increase of Rs. 11,670 overnight. Meanwhile, 100 grams of 24K gold soared to Rs. 16,80,000 compared to Rs. 15,63,300 yesterday, with a massive rise of Rs. 1,16,700.

Hyderabad Gold Rate Today

Gold prices in Hyderabad rose sharply for the 24-carat variant, with 10 grams now costing Rs. 1,67,890 after a steep rise of Rs. 13,910. Meanwhile, 100 grams of 24K gold climbed to Rs. 16,78,900 rising by Rs. 1,39,100 in a single day.
Similarly, 22-carat gold prices also rallied strongly in the Hyderabad bullion market. 10 grams of 22K gold jumped by Rs. 12,750 to Rs. 1,53,900.

Mumbai Gold Rate Today

The 24-carat gold rate in Mumbai jumped significantly, with 10 grams rising by Rs. 13,910 to Rs. 1,67,890. Meanwhile, the price of 100 grams of 24K gold climbed sharply to Rs. 16,78,900 after recording a massive gain of Rs. 1,39,100.

Similarly, the 22K gold price today in Mumbai also rallied and surged to Rs. 1,53,900 up by Rs. 12,750, while 100 grams of 22K gold increased sharply by Rs. 1,27,500 to Rs. 15,39,000.

MCX Gold And Silver Prices Rally Sharply

The impact of the import duty hike was also visible on the Multi Commodity Exchange (MCX), where both gold and silver futures witnessed explosive gains during morning trade.MCX gold futures surged nearly Rs. 11,000 during intraday trade, while silver prices rallied by over Rs. 17,000.

At the time of writing the Gold futures prices for June 5th contract surged to Rs. 1,62,417, gaining Rs. 8,975 or 5.85% during the session. Meanwhile, the MCX Silver July 3, contract jumped to Rs. 2,96,459, rising sharply by Rs. 17,397 or 6.23%,

Spot Gold And Silver Rate

International precious metal prices also moved sharply higher today due to growing concerns over geopolitical tensions and rising economic uncertainty. At teh time of writing, On COMEX, gold climbed by $18.30 or 0.39% to $4,705 per ounce. Meanwhile Spot silver Prices spiked by 1.14% to $86.570 per ounce.

Impact Of Gold Import Duty Hike On Jewellers And Consumers

Industry leaders have called for calm while supporting the government's decision, stating that the move is likely a temporary measure to protect India's economy and foreign exchange reserves.

Rajesh Rokde, Chairman of the All India Gem And Jewellery Domestic Council (GJC), said, ""GJC and the entire gems and jewellery industry stand firmly with the nation and respect the Government's policy decisions taken in the larger national interest. We believe the increase in customs duty is a temporary and calibrated measure in the present economic scenario. GJC will continue to work closely with the Government and all stakeholders to ensure stability, consumer confidence, and sustained growth of the industry."

Avinash Gupta, Vice Chairman of GJC, also stated that gold and jewellery is deeply connected with India's traditions and savings culture.

"At this juncture, it is important for the trade fraternity to avoid panic and continue business with confidence and responsibility.GJC fully supports the nation's larger economic priorities and remains committed to constructive engagement with policymakers to safeguard the interests of artisans, traders, and consumers while ensuring long-term growth and stability of the sector." he further added.

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