Gold prices in India continued to rise for the second consecutive day on May 14 after the government increased import duty on gold from 6 percent to 15 percent. The sharp rise in import costs has directly impacted domestic bullion prices, leading to higher gold rates across major Indian cities.
On the Multi Commodity Exchange of India (MCX), gold futures were reportedly trading 0.35 percent higher at around ₹1,62,756 per 10 grams during Thursday’s trading session.
In cities like Mumbai, 24-carat gold prices crossed ₹1.62 lakh per 10 grams, while 22-carat gold also witnessed a significant rise.
Gold Rates in Major Indian Cities on May 14
Here are the latest reported gold prices for 22K and 24K gold across major cities in India.
| City | 22K Gold (per 10 gm) | 24K Gold (per 10 gm) |
|---|---|---|
| Delhi | ₹1,48,900 | ₹1,62,480 |
| Jaipur | ₹1,48,900 | ₹1,62,480 |
| Ahmedabad | ₹1,48,850 | ₹1,62,380 |
| Pune | ₹1,48,850 | ₹1,62,380 |
| Mumbai | ₹1,48,800 | ₹1,62,330 |
| Hyderabad | ₹1,48,800 | ₹1,62,330 |
| Chennai | ₹1,48,800 | ₹1,62,330 |
| Bengaluru | ₹1,48,800 | ₹1,62,330 |
| Kolkata | ₹1,48,800 | ₹1,62,330 |
The above prices do not include GST and jewellery-making charges, which may vary depending on the seller and product design.
Why Gold Prices Are Rising in India
Several factors influence daily gold prices in India, but one of the biggest recent reasons behind the latest surge is the increase in import duty on gold.
Since India imports a large portion of its gold requirement from international markets, any increase in import taxes directly affects domestic prices.
Key Factors Affecting Gold Prices:
- International gold market rates
- Import duties and customs charges
- Currency exchange rate fluctuations
- GST and local taxes
- Global economic uncertainty
- Demand during wedding and festival seasons
Experts say that higher import duties make gold more expensive for importers, which eventually pushes retail prices upward for consumers.
Gold Remains a Popular Investment in India
Gold continues to hold strong cultural and financial importance in India. Apart from being widely used during weddings, festivals, and religious celebrations, gold is also considered a trusted long-term investment option by many households.
During periods of inflation, economic uncertainty, or global conflict, investors often turn toward gold as a safer asset compared to riskier market investments.
This is one reason why gold demand frequently rises during uncertain economic conditions.
Silver Prices Also Witness Movement
Along with gold, silver prices have also remained volatile amid changing global commodity trends and market sentiment.
Jewellery traders and bullion market experts expect continued fluctuations in precious metal prices in the coming days depending on:
- Global market movements
- Crude oil prices
- US dollar strength
- International geopolitical developments
Buyers Advised to Check Live Rates Before Purchasing
Since gold prices can change multiple times during the day, experts advise customers to verify live market rates before making jewellery or investment purchases.
Consumers should also consider:
- GST charges
- Making charges
- Hallmark certification
- Buyback policies
before purchasing gold jewellery or bullion products.
With wedding season demand and rising import costs, gold prices are expected to remain an important focus for both investors and jewellery buyers across India.
