India gold prices dip on strong dollar, stabilize on May 17

On May 16, 2026, the Indian retail market saw a sharp decline in precious‑metal prices. The 24‑carat gold rate fell to ₹1,58,050 per 10 g and the 22‑carat rate to ₹1,44,890 per 10 g, driven by a stronger U.S. dollar and profit‑taking by investors. Silver prices also dropped to ₹2,89,900 per kg. According to government data, gold imports surged 81.69% in April to $5.62 billion, while silver imports rose 157.16% to $41.1 million, though the physical quantity of gold imported fell by 4.76%.

The following day, May 17, prices held steady as the weekend physical bullion market remained closed. The national average for 24‑carat gold settled at ₹15,693 per gram (₹1,56,930 per 10 g) and 22‑carat at ₹14,385 per gram, with only minor city‑level variations. Analysts linked the stability to the continued strength of the dollar index and subdued domestic demand amid upcoming wedding season.