Silver Rate Today, May 16: White metal losing sheen? Check city-wise prices

Silver Rate Today, May 16: Precious metals, including silver, are reeling under pressure in domestic and international markets amid continued strength in the US dollar index. Although considered less expensive than gold, white metal is a choice for both investment and use in jewellery especially in those regions where these are being preferred as most common ornaments.

On Wednesday, the government hiked import duties on gold and silver to 15 per cent from 6 per cent as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.

Days after Prime Minister Narendra Modi's clarion call for curbs on gold purchases, along with other austerity measures to save on foreign exchange, the Finance Ministry, in a notification, hiked the social welfare surcharge (SWS) and the agriculture infrastructure and development cess (AIDC), effective May 13.

The duty hikes will raise the overall customs duty on gold to 15 per cent.