Silver eyes $100 globally as India duty hike sends MCX silver near Rs 3 lakh historic high

Commodity markets remained in focus on May 14, 2026, with silver emerging as the standout asset across both global and domestic markets. The metal remained supported by strong global demand expectations linked to artificial intelligence and electronics, while Indian prices were sharply impacted by the recent import duty hike on precious metals.

MCX commodity prices on May 14

On MCX, silver traded at Rs 2,95,501 per kg, down Rs 4,737 or 1.58% on the day, showing some consolidation after the previous session’s historic surge. Gold was at Rs 1,61,700 per 10 grams, down Rs 486 or 0.30%.

Base metals also traded lower. Copper stood at Rs 1,384.50 per kg, down Rs 14.40 or 1.03%, while zinc was at Rs 363.20, lower by Rs 1.55 or 0.42%. Crude oil traded at Rs 9,704, down Rs 7 or 0.07%, while natural gas slipped to Rs 274.50, down Rs 0.70 or 0.25%.

Why gold and silver surged on May 13

The May 14 pullback came after a sharp rally in precious metals on May 13, when gold and silver prices in India surged after the government raised import duty on precious metals from 6% to 15% amid the West Asia crisis.

MCX gold jumped by Rs 11,055 to hit an intraday high above Rs 1,64,497 per 10 grams, while MCX silver surged nearly Rs 22,400 to touch Rs 3,01,429 per kg, crossing the Rs 3 lakh mark intraday for the first time in four months.

The revised duty structure includes 10% basic customs duty and 5% Agriculture Infrastructure and Development Cess. The duty hike was the key domestic trigger behind the sharp price movement, with both MCX gold and silver rising around 6% during the session.

Global silver rally continues

Globally, silver closed at $88.89 per troy ounce on May 13, its highest settlement level in over two months, marking gains in 8 of the past 10 sessions. Front-month gold closed at $4,697.70 per ounce, up 0.4%.

Silver’s rally is being supported by expectations of higher industrial demand, especially due to its use in advanced semiconductors, data centre cooling systems and electronic components linked to the global AI buildout.

The gold-silver ratio also tightened to around 54:1, below the long-term average of nearly 68, indicating silver’s recent outperformance against gold.

Crude oil and base metals

Brent crude hovered near $106 per barrel after falling 2% in the previous session, while WTI traded near $101 per barrel as investors tracked developments around the Iran war and the Trump-Xi summit in Beijing.

Base metals remained weak, with copper, aluminium and zinc under pressure due to softer industrial demand signals and concerns around global manufacturing activity.

US inflation backdrop

US inflation data also remained important for commodity markets. Headline CPI stood at 3.8% year-on-year, the highest since 2023, while gasoline prices have surged around 50% since the Middle East war began. Stronger inflation readings reinforced expectations that the Federal Reserve may keep rates elevated, which weighed on gold internationally even as domestic Indian prices rose sharply because of the duty hike.

Overall, silver remains the key commodity to watch, with domestic prices driven by India’s duty hike and global prices supported by industrial demand expectations linked to AI and technology-led consumption.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a registered financial advisor before making any investment decisions. Author or Fingo is not liable for any losses arising from the use of this information.