Gold jumps by nearly Rs 800 this week amid PM Modi’s appeal to cut purchases, customs duty hike; silver rises by Rs 12,300

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

Date (PM)	24k Gold / Fine Gold (999) Rs per gram	22k Gold Rs per gram
15-May-26	15,821	15,441
14-May-26	16,116	15,729
13-May-26	16,098	15,711
12-May-26	15,163	14,799
11-May-26	15,036	14,675

IBJA retail selling gold rate on May 15, 2026 (PM)

• Fine Gold (999) – Rs 15821
• 22 KT – Rs 15441
• 20 KT – Rs 14081
• 18 KT – Rs 12815
• 14 KT – Rs 10205

IBJA retail selling gold rate on May 14, 2026 (PM)

• Fine Gold (999) – Rs 16116
• 22 KT – Rs 15729
• 20 KT – Rs 14343
• 18 KT – Rs 13054
• 14 KT – Rs 10395

IBJA retail selling gold rate on May 13, 2026 (PM)

• Fine Gold (999) – Rs 16098
• 22 KT – Rs 15711
• 20 KT – Rs 14327
• 18 KT – Rs 13039
• 14 KT – Rs 10383

IBJA retail selling gold rate on May 12, 2026 (PM)

• Fine Gold (999) – Rs 15163
• 22 KT – Rs 14799
• 20 KT – Rs 13495
• 18 KT – Rs 12282
• 14 KT – Rs 9780

IBJA retail selling gold rate on May 11, 2026 (PM)

• Fine Gold (999) – Rs 15036
• 22 KT – Rs 14675
• 20 KT – Rs 13882
• 18 KT – Rs 12179
• 14 KT – Rs 9698

IBJA silver rates this week

Date (PM)	Silver (999) Rate Rs per kg
May 15, 2026	2,68,500
May 14, 2026	2,87,193
May 13, 2026	2,87,720
May 12, 2026	2,64,867
May 11, 2026	2,56,200