Spot Gold Rises 0.50% to $4,710 Amid Global Market, Silver Prices Climb 2.29% on Comex

Precious Metals Prices Trade Higher Amid US-Iran Setback and Elevated Oil Prices

Precious metal prices traded marginally higher in early trade on Tuesday, May 12, 2026, amid a US-Iran setback, elevated oil prices, and a firmer dollar. The international spot gold traded 0.50 percent higher at $4,710.20 per ounce, while silver inched 2.29 percent up at $87.55 per ounce on early Comex trade.

In the domestic market, the futures gold for June delivery traded 0.02 percent lower at Rs 1,53,417 per 10 grams from its previous close, while silver futures for the July contract inched 0.29 percent to Rs 2,79,130 per kilogram. Notably, silver surged over 6 percent, recovering from early-session weakness to reach its highest price in nearly two months, as investors tracked US-Iran nuclear negotiations.

Government Increases Import Duties on Precious Metals

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

The Government of India, in a midnight notification on May 13, 2026, raised import duties on gold, silver, and other precious metals to 15 percent from 6 percent, effective immediately. The basic customs duty has been raised to 10 percent, and a 5 percent Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports has been imposed.

The government's stance on raising import duties on precious metals is seen as a way to curb overseas purchases and reduce pressure on foreign exchange reserves. The Centre has also increased import duties on gold bought from the United Arab Emirates under the fixed-quantity quota system, which earlier enjoyed concessional duty rates.

Market Outlook and Analyst Views

The Augmont Bullion report noted that gold maintains its bullish momentum, with the next resistance zone at $4,800-$4,850 (Rs 1,56,000). Silver has reached the $85 (Rs 2,80,000) target level, and prices are expected to consolidate at current levels before extending the move toward $90 (Rs 2,95,000).

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

The Tata Mutual Fund report estimates that gold prices are expected to consolidate in the near term, amid mixed macro signals. For Indian investors, rupee depreciation should cushion the downside, keeping domestic gold prices in a tighter range versus international markets. Medium to long-term outlook remains bullish, supported by favourable structural and cyclical fundamentals.

Key Figures and Entities

• International spot gold price: $4,710.20 per ounce
• International silver price: $87.55 per ounce
• Domestic futures gold price (June delivery): Rs 1,53,417 per 10 grams
• Domestic silver futures price (July contract): Rs 2,79,130 per kilogram
• Government of India: Raised import duties on gold, silver, and other precious metals to 15 percent from 6 percent
• Augmont Bullion: Maintains bullish momentum for gold, with the next resistance zone at $4,800-$4,850 (Rs 1,56,000)
• Tata Mutual Fund: Estimates that gold prices are expected to consolidate in the near term, amid mixed macro signals