New Delhi, May 13 -- Gold and silver prices in India jumped over 6% each on Wednesday, after the government increased import duties on the previous metals.

MCX gold rate for June futures contracts opened 1% higher at Rs.1,54,851 per 10 grams as against its previous close of Rs.1,53,442 level. MCX silver rate for July futures contracts opened 4% higher at Rs.2,90,224 per kg as compared with its previous close of Rs.2,79,062 level.

Buying in precious metals intensified and gold and silver prices hit 6% upper circuit each.

MCX gold rate was up by Rs.9,206, or 6%, at Rs.1,62,648 per 10 grams level, while MCX silver price spiked by Rs.16,743, or 6%, to Rs.2,95,805 per kg.

The central government has raised import tariffs on gold and silver ...