gold prices extended gains on Wednesday, with domestic futures crossing the ₹1.63 lakh mark on the Multi Commodity Exchange (MCX)supported by geopolitical tensions, a record low in the rupee, and continued safe-haven buying. MCX Gold opened with a sharp gap-up and traded above ₹1,63,000 after breaking out of a medium-term consolidation range, while COMEX Gold hovered near the $4,700-$4,730 per ounce zone.
The rally in domestic bullion was further amplified after the Indian government raised the total import duty on gold and silver to 15 per cent from 6 per cent. Market participants said the higher levy could push up local prices further even as international bullion prices remain volatile.
The rupee weakened 32 paise to close at a fresh all-time low of 95.63 against the US dollar after trading in the 95.43-95.74 range intraday. Analysts expect the currency to trade with a weakening bias in the 95.45-95.90 band, with persistent dollar demand and geopolitical uncertainty continuing to pressure the domestic unit.
Globally, sentiment remained cautious after the US April headline consumer price inflation came in at 3.8 per cent year-on-year, higher than the expected 3.7 per cent, while core inflation stood at 2.8 per cent against expectations of 2.7 per cent. The stronger-than-expected inflation print pushed the US 10-year bond yield higher to 4.47 per cent, limiting gains in precious metals overseas.
According to market analysts, COMEX Gold faces immediate resistance in the $4,780-$4,800 range, while support is placed at $4,670-$4,640. On MCX, resistance is seen near ₹1,64,000, with a sustained move above the level potentially opening the path towards ₹1,65,000-₹1,66,000.
Silver prices also remained firm. MCX Silver traded above ₹2,95,000 after breaking key resistance levels, while COMEX Silver held in the $87-$88 range, supported by safe-haven demand and supply concerns.
Published on May 13, 2026