Gold prices in Mumbai surged on May 13, 2026, after the government hiked gold and silver import duty from 6% to 15% late on May 12 — one of the sharpest single-step precious metals duty increases in over a decade.
24 carat gold in Mumbai stands at ₹16,789 per gram, up ₹1,391 from yesterday’s ₹15,398. 22 carat gold is at ₹15,390 per gram, up ₹1,275 from ₹14,115. 18 carat gold stands at ₹12,592 per gram, up ₹1,043 from ₹11,549.
For Mumbai consumers, the overnight cost impact is substantial. 10 grams of 24 carat gold now costs ₹1,67,890 against ₹1,53,980 yesterday — an increase of ₹13,910 per 10 grams in a single day. 8 grams of 24 carat gold, a common jewellery purchase quantity, now costs ₹1,34,312 against ₹1,23,184 — up ₹11,128.
The duty hike — comprising a 10% basic customs duty and 5% Agriculture Infrastructure and Development Cess — was implemented two days after PM Modi’s May 10 appeal asking citizens to avoid gold purchases for weddings for a year. The combined effect of a voluntary appeal followed by a hard duty increase creates a dual demand suppression mechanism that is significantly more powerful than either measure alone.
Mumbai’s rates are in line with Kolkata, Bengaluru, Hyderabad, Kerala, and Pune. Chennai and Delhi trade at a marginal premium due to local levy differences.
Rates are indicative and exclude GST, TCS, and other levies. Contact your local jeweller for exact rates.