Silver Surges ₹200 per 10 gm on Wednesday as Import Tariff Hike

Mumbai, May 13: Silver prices surged sharply on Wednesday in India, rising ₹20 per gram to trade at ₹310 per gram, or ₹3,100 per 10 grams and ₹3,10,000 per kilogram — a gain of ₹200 per 10 grams from Tuesday’s national price of ₹290 per gram or ₹2,900 per 10 grams. The move came on the back of a powerful combination of forces: India’s surprise near-doubling of import tariffs on gold and silver to 15 per cent from 6 per cent, which drove an immediate repricing of domestic precious metal rates, layered on top of continuing geopolitical anxiety around the US-Iran war and the fragile ceasefire that US President Donald Trump had declared “on life support” just two days earlier.

Wednesday’s ₹200 per 10 grams jump builds on silver’s already impressive recent run. The metal had been trading at ₹2,550 per 10 grams as recently as May 5 a local bottom before climbing in a staircase pattern to ₹2,650 on May 6, ₹2,700 on May 7, ranging around ₹2,750 through May 11, and then surging ₹150 to ₹2,900 on Tuesday.

Wednesday’s additional ₹200 move takes silver to ₹3,100 per 10 grams nationally a gain of ₹550 per 10 grams or 21.6% in just eight trading sessions, reflecting the extraordinary macro backdrop of a Middle East war, a Strait of Hormuz closure, a record-weak rupee, and now a steep import duty hike that has repriced the entire domestic bullion market overnight.

The tariff hike is the central driver of Wednesday’s move. The government’s decision to impose a 10 per cent basic customs duty and a 5 per cent Agriculture Infrastructure and Development Cess on gold and silver imports taking effective duty to 15 per cent has widened the premium of Indian silver prices over international rates considerably.

Industry officials have warned that at this level of duty, grey market and smuggling channels become economically viable again, potentially undermining the very import-curbing objective the government seeks to achieve. For now, however, the immediate market reaction has been a sharp upward repricing of domestic silver across all purity levels and geographies.

City-wise, Chennai, Kolkata, and Kerala quoted the highest silver prices on Wednesday at ₹3,300 per 10 grams each a premium of ₹200 over the national benchmark and a sharp jump of ₹400 from their Tuesday levels of ₹2,900 per 10 grams. Mumbai, Delhi, Bangalore, Pune, Vadodara and Ahmedabad all came in at the national benchmark of ₹3,100 per 10 grams, each gaining ₹200 from Tuesday’s ₹2,900. Hyderabad was the lone outlier on the lower side, quoting ₹3,001 per 10 grams on Wednesday a gain of ₹101 from Tuesday’s ₹2,900, and still a slight discount to the national rate, consistent with Hyderabad’s recent tendency to track just below the national benchmark in the current volatile environment.

Gold Also Surges on Tariff Hike

Gold prices surged sharply on Wednesday as the steep hike in import tariffs drove domestic rates significantly higher, with 24-karat gold jumping ₹13,910 to trade at ₹1,67,890 per 10 grams from Tuesday’s closing level of ₹1,53,980. Rates for 22-karat gold (91.6% purity) climbed ₹12,750 to ₹1,53,900 per 10 grams, up from ₹1,41,150 on Tuesday, while 18-karat gold (75% purity) rose ₹10,430 to ₹1,25,920 per 10 grams from ₹1,15,490 the previous day. The across-the-board surge reflected an immediate market repricing of domestic gold to account for the near-doubling of import duties, with jewellers and bullion dealers scrambling to adjust inventory valuations even as retail demand showed signs of hesitation at the sharply elevated price points.

Silver Rates -10 Grams Across Indian Cities

Source:

• goodreturns.in | Wednesday, May 13, 2026