Silver prices witnessed a sharp rally today (Wednesday, May 13, 2026) across many leading platforms such as MCX and IBJA after the central government increased customs duty on silver from 6% to 15%, reportedly adding further pressure on domestic bullion prices amid rising global uncertainty.
According to bullion market experts, silver prices have also been supported by escalating geopolitical tensions in the Middle East and concerns over inflation in global markets.
Prithviraj Kothari, president of India Bullion and Jewellers Association (IBJA), says higher duties are expected to push domestic bullion prices further, weigh on jewellery stocks and soften on consumer demand.
Manav Modi, commodities analyst, Motilal Oswal Financial Services Ltd, said “Since India relies heavily on imports to meet domestic gold demand, higher duties are expected to help narrow the trade deficit and provide support to the rupee, which was trading at all-time high levels. As duty takes effect, physical premiums might be elevated, increasing disparity between spot and MCX.”
Modi further says, “Earlier, COMEX gold prices had come under pressure after U.S. consumer inflation accelerated to 3.8% in April, above expectations of 3.7% and the highest level since May 2023, driven largely by rising energy costs linked to the Middle East conflict.”
Silver rate today May 13, 2026: Check latest price
Silver prices witnessed a sharp increase across major domestic bullion platforms on May 13, 2026, compared to the previous day. On India Bullion and Jewellers Association Ltd (IBJA), silver (999) prices rose to Rs 2,86,850/kg on May 13, from Rs 2,64,867/kg on May 12.
MMTC-PAMP Silver 999 Fine (1kg) price also recorded a strong jump to Rs 3,16,210/kg from Rs 2,88,760/kg.
Similarly, Bullion Silver 999 prices on Bullions.co.in increased to Rs 2,96,060/kg from Rs 2,79,570/kg.
On the commodities exchange, MCX silver prices surged to Rs 2,86,627/kg against Rs 2,66,109/kg a day earlier. The broad-based rise in silver prices reflects strong global cues, geopolitical tensions and the impact of the higher customs duty on silver imports.
Silver price comparisons (May 13 vs May 12, 2026)
| Source | May 13, 2026 Price | May 12, 2026 Price | Change |
| IBJA Silver (999) | Rs 2,86,850 | Rs 2,64,867 | +Rs 21,983 |
| MMTC-PAMP Silver 999 Fine (1kg) | Rs 3,16,210 | Rs 2,88,760 | +Rs 27,450 |
| Bullion Silver 999 (1kg) | Rs 2,96,060 | Rs 2,79,570 | +Rs 16,490 |
| MCX | Rs 2,86,627 | Rs 2,66,109 | Rs 20,518 |
The live gold rates shown are indicative and do not include GST or other applicable levies.
