Gold and silver saw a strong rally in domestic markets on Wednesday after the government announced a steep increase in import duties. The precious metals prices surged by up to 8 per cent in early trade, reacting sharply to the policy change.

Gold futures

On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery rose as much as 7.20 per cent or Rs 11,055 to touch an intraday high of Rs 1,64,497 per 10 grams. Around 9:50 am, gold was trading at Rs 1,62,728, up 6 per cent or Rs 9,286 from the previous close, reported IANS.