India gold prices drop sharply then rebound in late May 2026

On 23 May 2026, India’s gold market saw a sudden decline, with Delhi’s 24‑carat gold falling to ₹1,59,630 per 10 g and Mumbai quoting ₹1,59,480. Silver also slipped to ₹2,84,900 per kg. Analysts linked the fall to heightened Middle‑East tensions, volatile oil prices and a weakening rupee, which together pressured precious‑metal rates.

The next day, 24 May 2026, gold prices steadied and rose modestly. Across major cities, 24‑carat gold traded around ₹1,52,900 per 10 g, while 22‑carat priced near ₹1,40,300. The uplift was attributed to stable global markets, continued domestic demand driven by the wedding season, and investors viewing gold as a safe‑haven amid Fed policy uncertainty. Silver’s international price remained near $75.87 per ounce, influencing local rates.

These back‑to‑back moves illustrate how global geopolitical shifts and local consumption patterns jointly shape India’s bullion market.