On Tuesday, May 13, 2026, silver prices surged after the Centre's hike to import duties on precious metals and swift domestic bullion and futures sector price movement.
The Multi-Commodity Exchange (MCX) saw silver futures surging above Rs 17,400 per kg, as speculation spread following the government’s latest announcement. But MCX silver futures are now hitting around Rs 2,96,600 a kg, following on from its recent 6.3 per cent trend in selling flow for the day, according to market data.
The surge was attributed to increasing the trade duty on gold and silver from 6 per cent to 15 per cent by the government to relieve pressure on India’s foreign exchange reserves, the analysts said. The rise in import tariffs made its way into domestic bullion markets nationwide, driving the price of silver to record high or near-breaking levels in some cities across the country.
In major markets, prices of physical silver in India also rose above Rs 3 lakh a kg.
Rates Of Silver Available In Major Cities Of India Today.
| City | Silver Price (1 Kg) |
|---|---|
| Delhi | Rs 3,10,000 |
| Mumbai | Rs 3,10,000 |
| Kolkata | Rs 3,30,000 |
| Chennai | Rs 3,30,000 |
| Lucknow | Rs 3,00,000 to Rs 3,10,000 |
| Bengaluru | Rs 3,10,000 |
| Hyderabad | Rs 3,00,100 |
| Pune | Rs 3,10,000 |
Market analysts have said that silver has also taken off as global markets were filled with jitters about inflation and a flood of money into safe-haven assets. Global demand for silver, most notably from renewable energy and electronics, has also been robust. High tariffs imposed by the government are seen as likely to jolt imported silver prices and keep domestic prices high in the months ahead.
And in the coming weeks, traders are betting on wild swings over and above what the market will determine, and what policymakers will do. Silver investment demand, too, is a relatively robust one from retail buyers as well as commodity traders. The recent rally has pushed up the precious metal even more, but the recent rally has only stoked interest, with experts warning investors to beware of price spikes.
Geopolitical tensions and jangled global financial markets have also helped sustain international silver prices, in addition to a tariff hike. Any further U.S. dollar swings, crude oil shocks or oscillations in global interest rates in India’s market will probably have that much more effect on silver prices.
After all, bullion traders have expected the physical demand for silver to stay strong despite the prices increasing, especially during festive and wedding seasons, when silver purchases are touted as a godsend to many households in India.
And from a sharp angle, investors are scrutinising economic data and the direction of a worldwide commodity market to find out whether silver prices will continue gaining traction or profit-booking in the coming days. With volatility still raising concerns, analysts warned traders to spread capital and invest in new positions in bullion.
