Gold jumps by nearly Rs 800 this week amid PM Modi’s appeal to cut purchases, customs duty hike; silver also turns volatile

This week, Prime Minister Narendra Modi urged citizens to temporarily reduce gold purchases over the next one year while speaking at an event in Hyderabad on Sunday, May 10, 2026. He said that cutting non-essential gold buying could help reduce pressure on foreign exchange reserves and imports. It was followed by the central government increasing customs duty on silver, gold and other precious metals.
Over the past few days, gold prices have remained highly volatile due to the PM’s appeal, hiked export duties, geopolitical tensions in the Middle East, higher crude oil prices, etc.

The government has increased the import duty on gold and silver from 6% to 15%. Experts believe that the purpose of a hike in import duty is to curb inbound shipments amid a rising import bill and the West Asia crisis. The higher duties are expected to push domestic bullion prices further, weigh on jewellery stocks, and soften consumer demand — particularly as gold prices are already elevated, as per experts.

As per India Bullion and Jewellers Association (IBJA) updates, the price of 22k gold stood at Rs 15,441 per gram on May 15, 2026. On Monday, the price was Rs 14,675, a Rs 766 per gram increase in the rate.

Let us see how 22k, 24k gold prices moved this week on IBJA