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  1. MCX Gold surge over 7% after government hike import duty to 15%, MCX Silver trades above ₹3 lakh per kg

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MCX Gold surge over 7% after government hike import duty to 15%, MCX Silver trades above ₹3 lakh per kg

SUMMARY

MCX Gold and silver futures jumped up to 7% today amid surge in demand after the government hike import duty on gold and silver to 15%. The government’s move is aimed at curbing precious metals imports amid a rising import bill due to the ongoing West Asia crisis. Meanwhile, Gold prices in international markets are trading lower as investor sentiment remains fragile amid fading hopes of the US-Iran peace deal.

MCX_gold_price_rise

MCX Crude Oil has reclaimed the immediate resistance for ₹9,658. | Image: Shutterstock

Market recap (as of 4:00 pm)

  • Gold 5 June Futures: ₹1,62,535/ 10 gram (▲ 5.8%)
  • Silver 3 July Futures: ₹2,97,016/ 1 kg (▲ 6.4%)
  • Crude Oil 18 May Futures: ₹9,729/ 1 BBL (▲ 0.06%)
Gold: The yellow metal is trading marginally higher in the international market as Gold spot prices traded around $4,707 per ounce, up 0.4%. Meanwhile, Silver traded 2.4% higher at $87.7 per ounce in the US markets. Gold prices are trading in a range as investor sentiment remains fragile amid fading hopes of the US-Iran peace deal. Earlier this week, US President Donald Trump said that negotiations with Iran are on “life support” after Iran rejected the US-backed peace proposal aimed at ending the conflict and reopening the Strait of Hormuz.
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Crude oil: International crude oil prices are trading marginally lower, with Brent Futures trading around $107 per barrel, down 0.7%, while WTI Crude traded 0.9% lower, around $101. Oil prices eased after rising in the previous three trading sessions as investors assessed the Strait of Hormuz situation, which largely remains shut to commercial traffic after the US-Iran war. Investors are also looking forward to Donald Trump meeting with Xi Jinping in China.

Technical view

MCX Gold futures in India have given a strong breakout on the hourly chart, moving sharply above the key resistance zone of ₹154,934. The price is also trading well above the 20 and 50 moving averages, which confirms bullish momentum. The ADX is above 40, comfortably higher than the 25 threshold, indicating a strong trending move. However, following the sharp rise, the risk-reward ratio for new long positions has become unfavourable.

GOLD-05JUN26-FUT_2026-05-13_14-16-49.webp

Silver has delivered a strong breakout on the hourly chart and is trading comfortably above the 20 and 50 moving averages. The sharp move shows strong buying momentum, with the price now consolidating near higher levels after the breakout. The ADX is at 40.29, well above the 25 threshold, which confirms strong trend strength. On similar lines of gold, the risk-reward for fresh long has turned unfavourable.

SILVER-03JUL26-FUT_2026-05-13_14-28-13.webp

MCX Crude Oil has reclaimed the immediate resistance for ₹9,658 and is trading above both the 20 and 50 moving averages. The ADX is around 32, comfortably above the 25 mark. This indicates that the current trend has strength. However, the rising channel structure suggests a risk to the current upmove. A break below ₹9,614 will signal breakdown of the rising channel.

CRUDEOIL-18MAY26-FUT_2026-05-13_14-31-05.webp

Disclaimer:

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