The government increased customs duty on imports of gold, silver and precious metals from 6% to 15% on Wednesday to balance India's forex reserves. Spot price (which determines retail prices of precious metal jewellery) of gold increased by nearly ₹8,800 to ₹1,60,411 per 10 grams. On the other hand, spot price of silver jumped ₹22,000 to ₹2,86,850 per kilogram.