Following the government’s decision to increase import duty on gold and silver, both precious metals witnessed a sharp rise in prices on Wednesday in the domestic commodities market. The sudden jump has led to record-level increases within a single trading session.

Gold and Silver See Sharp Price Jump

As soon as the domestic commodity markets opened, gold and silver prices surged significantly, rising by nearly ₹30,000 in combined movement across segments.

Silver prices increased by nearly ₹19,000 per kilogram, reaching close to the ₹3 lakh mark. The sharp rise has created volatility in the bullion market.

22-Carat Gold Prices Rise Steeply

The price of 22-carat gold saw a major upward movement:

• Price increase: ₹1,300 per gram
• Previous price: ₹14,160 per gram
• New price: ₹15,460 per gram

For 10 grams, the price increased from ₹1,41,600 on Tuesday to ₹1,54,600 on Wednesday, marking a jump of ₹13,000 in a single day.

Earlier, on Monday, the 22-carat gold rate stood at ₹13,990 per gram, highlighting the rapid price surge within just two days.

24-Carat Gold Also Becomes Costlier

24-carat gold also recorded a sharp increase in prices:

• Price rise: ₹1,418 per gram
• Previous price: ₹15,447 per gram
• New price: ₹16,865 per gram

The steep increase reflects strong upward pressure in the global and domestic bullion markets.

Market Volatility Expected to Continue

Analysts suggest that the recent import duty hike has significantly impacted domestic pricing trends, leading to heightened volatility in both gold and silver markets.

With global economic uncertainty and policy changes affecting demand and supply dynamics, further fluctuations in bullion prices are expected in the coming days.