Gold, silver fall up to 2% on MCX amid profit-booking after import duty hike
Synopsis
Silver crossed ₹3 lakh on Wednesday — and the very next morning, traders cashed out. A government import duty hike to 15% added fresh selling pressure, sending MCX silver down nearly 2% and gold off 0.71% on 14 May, even as COMEX gold held near record highs above $4,700 per ounce.
Key Takeaways
MCX gold futures (June 5) fell 0.71% to an intraday low of ₹1,61,027 on 14 May .
MCX silver futures (July 3) dropped 1.92% to an intraday low of ₹2,94,450 .
Profit-booking intensified after silver crossed the ₹3 lakh mark in the previous session.
The government raised the import duty on precious metals to 15 per cent , adding to selling pressure.
On COMEX , gold edged up 0.03% to $4,708/oz ; silver fell 1.87% to $87.68/oz .
Analysts see gold resistance at ₹1,62,000–₹1,63,000 and silver resistance near ₹3 lakh–₹3.02 lakh .
Gold and silver prices fell sharply on the Multi Commodity Exchange (MCX) on Thursday, 14 May, declining up to nearly 2 per cent as traders booked profits following the government's decision to raise the import duty on precious metals to 15 per cent. The sell-off was most pronounced in silver, which had crossed the psychologically significant ₹3 lakh mark just a session earlier.
MCX Price Movement
Gold futures (June 5) fell 0.71 per cent, or ₹1,159, to an intraday low of ₹1,61,027 as of 10:30 am IST. The yellow metal later pared some losses, trading at ₹1,62,783 — up 0.36 per cent — and touching an intraday high of ₹1,63,055, a gain of ₹869 or 0.53 per cent.
Silver futures (July 3) declined more steeply, dropping 1.92 per cent, or ₹5,788, to an intraday low of ₹2,94,450. The white metal was subsequently trading at ₹2,97,338, still down 0.96 per cent or ₹2,900, after touching an intraday high of ₹2,99,000.
What Analysts Are Saying
Commodity market experts noted that MCX gold continued to trade near the ₹1,61,500–₹1,62,000 range following a sharp breakout in the previous session. Immediate resistance is placed around ₹1,62,000–₹1,63,000; a sustained move above that band could push prices toward ₹1,64,000–₹1,65,000. Downside support is seen in the ₹1,57,000–₹1,58,000 zone.
For silver, resistance is pegged near ₹3 lakh–₹3.02 lakh, while immediate support sits around ₹2.90 lakh–₹2.92 lakh. Despite the intraday volatility, analysts say the near-term trend for silver remains bullish, underpinned by continued safe-haven buying.
Why Silver Fell Harder Than Gold
The sharper correction in silver is attributed primarily to profit-booking after prices crossed the ₹3 lakh mark during Wednesday's session — a level that historically triggers selling pressure. The import duty hike compounded the move, raising the landed cost of the metal and dampening fresh buying interest.
Global Markets Context
International prices traded mixed. On COMEX, gold edged up 0.03 per cent to $4,708 per ounce, while silver declined 1.87 per cent to $87.68 per ounce. The divergence between COMEX gold's resilience and domestic MCX gold's dip reflects the added weight of the import duty adjustment on Indian prices.
Analysts maintain a cautiously positive near-term outlook for gold, supported by safe-haven demand and ongoing geopolitical uncertainties. All eyes are now on whether gold can sustain above the ₹1,63,000 resistance to confirm its next leg higher.
Point of View
700, the global safe-haven bid remains intact. Domestic traders, however, now face a structurally higher cost floor, which could shift price discovery away from MCX toward informal channels — an unintended consequence policymakers should monitor closely.
NationPress
14 Jul 2026
Frequently Asked Questions
Why did gold and silver prices fall on MCX on 14 May 2025?
Gold and silver fell on MCX on 14 May primarily due to profit-booking after a strong rally, compounded by the government's decision to raise the import duty on precious metals to 15 per cent. Silver saw a steeper decline of nearly 2% after crossing the ₹3 lakh mark in the previous session.
What are the current MCX gold and silver price levels?
MCX gold futures (June 5) hit an intraday low of ₹1,61,027 before recovering to trade around ₹1,62,783. MCX silver futures (July 3) touched an intraday low of ₹2,94,450 and were trading near ₹2,97,338 as of 10:30 am IST on 14 May.
What is the import duty on gold and silver in India now?
The government has raised the import duty on precious metals to 15 per cent. This hike has increased the landed cost of gold and silver in India, contributing to the selling pressure seen on MCX on 14 May.
What are the key support and resistance levels for MCX gold and silver?
For gold, analysts place immediate resistance at ₹1,62,000–₹1,63,000, with a potential move toward ₹1,64,000–₹1,65,000 on a breakout; support is at ₹1,57,000–₹1,58,000. For silver, resistance is near ₹3 lakh–₹3.02 lakh and support around ₹2.90 lakh–₹2.92 lakh.
How are gold and silver trading in international markets today?
On COMEX, gold edged up 0.03% to $4,708 per ounce, while silver declined 1.87% to $87.68 per ounce. The divergence highlights that domestic MCX prices are also being weighed by the import duty hike, beyond global cues.
