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MCX gold and silver prices remained near record highs on May 24, 2026, with gold trading close to ₹1.62 lakh per 10 grams and silver above ₹2.70 lakh per kg. Rising geopolitical tensions, higher bullion import duties, a weakening rupee, and strong safe-haven demand continue driving volatility across India’s precious metals market.
Reviewed and Rewrite by
Rudransh Sangwan
India’s precious metals market is witnessing one of its most volatile phases in recent years as MCX gold prices near ₹1.62 lakh per 10 grams and silver prices remain above ₹2.70 lakh per kilogram amid escalating geopolitical tensions, rising import duties, and rupee weakness.
The sharp rally in bullion prices comes after the Indian government increased bullion import duty from 6% to 15%, while ongoing tensions in West Asia, rising crude oil prices, and safe-haven demand continue to push global precious metal prices higher.
The latest surge has significantly impacted jewellery demand, investment flows, wedding purchases, and industrial silver consumption across India.
As of May 24, 2026, benchmark bullion prices in India are trading near record highs.
| Commodity | Current Price |
|---|---|
| MCX Gold (24K / 10g) | ₹1,61,000 – ₹1,62,000 |
| 22K Gold (10g) | ₹1,48,000 – ₹1,49,000 |
| Silver 999 (1kg) | ₹2.65 Lakh – ₹2.75 Lakh |
The rally reflects strong global safe-haven buying along with elevated domestic taxation and logistics costs.
Gold and silver prices continue to vary across Indian states because of differences in:
| State / Region | 24K Gold (10g) | 22K Gold (10g) | Silver (1kg) |
|---|---|---|---|
| Delhi NCR | ₹1,61,900 | ₹1,48,400 | ₹2,69,000 |
| Maharashtra | ₹1,61,750 | ₹1,48,250 | ₹2,68,500 |
| Karnataka | ₹1,62,200 | ₹1,48,900 | ₹2,70,500 |
| Telangana | ₹1,62,350 | ₹1,49,000 | ₹2,71,500 |
| Tamil Nadu | ₹1,62,500 | ₹1,49,100 | ₹2,71,000 |
| Kerala | ₹1,62,700 | ₹1,49,300 | ₹2,72,000 |
| Gujarat | ₹1,61,450 | ₹1,47,950 | ₹2,67,500 |
| Rajasthan | ₹1,61,950 | ₹1,48,500 | ₹2,69,500 |
| Uttar Pradesh | ₹1,62,100 | ₹1,48,700 | ₹2,70,000 |
| Bihar | ₹1,62,600 | ₹1,49,200 | ₹2,72,500 |
| West Bengal | ₹1,61,600 | ₹1,48,150 | ₹2,68,000 |
| Punjab | ₹1,61,850 | ₹1,48,350 | ₹2,69,000 |
| Andhra Pradesh | ₹1,62,300 | ₹1,49,050 | ₹2,71,200 |
| Madhya Pradesh | ₹1,62,000 | ₹1,48,600 | ₹2,69,800 |
| Assam | ₹1,62,250 | ₹1,48,850 | ₹2,70,800 |
Major metro cities are witnessing elevated bullion rates because of strong jewellery demand, higher retail premiums, and regional logistics costs.
| City | 24K Gold (10g) | 22K Gold (10g) | Silver (1kg) |
|---|---|---|---|
| Mumbai | ₹1,61,750 | ₹1,48,250 | ₹2,68,500 |
| Delhi | ₹1,61,900 | ₹1,48,400 | ₹2,69,000 |
| Bengaluru | ₹1,62,200 | ₹1,48,900 | ₹2,70,500 |
| Hyderabad | ₹1,62,350 | ₹1,49,000 | ₹2,71,500 |
| Chennai | ₹1,62,500 | ₹1,49,100 | ₹2,71,000 |
| Kolkata | ₹1,61,600 | ₹1,48,150 | ₹2,68,000 |
| Ahmedabad | ₹1,61,450 | ₹1,47,950 | ₹2,67,500 |
| Jaipur | ₹1,61,950 | ₹1,48,500 | ₹2,69,500 |
| Kochi | ₹1,62,700 | ₹1,49,300 | ₹2,72,000 |
| Lucknow | ₹1,62,100 | ₹1,48,700 | ₹2,70,000 |
| Chandigarh | ₹1,61,850 | ₹1,48,350 | ₹2,69,000 |
| Patna | ₹1,62,600 | ₹1,49,200 | ₹2,72,500 |
The recent surge in bullion prices is being driven by multiple global and domestic factors.
| Factor | Impact on Prices |
|---|---|
| West Asia Geopolitical Tensions | Strong Safe-Haven Buying |
| Import Duty Hike to 15% | Sharp Domestic Price Inflation |
| Weak Indian Rupee | Higher Import Costs |
| Rising Crude Oil Prices | Increased Freight & Logistics Costs |
| Central Bank Gold Buying | Strong Global Demand Support |
| Wedding & Festive Demand | Elevated Retail Premiums |
Retail gold prices in India include multiple layers of taxation, logistics, and dealer margins.
| Component | Approximate Cost |
|---|---|
| International Spot Gold Value | ₹1,24,000 |
| Rupee Depreciation Impact | ₹5,000 |
| Import Duty (15%) | ₹19,350 |
| Agriculture Infrastructure Cess | ₹3,000 |
| Refining & Logistics | ₹2,500 |
| Dealer Margin | ₹1,200 |
| Jeweller Margin | ₹3,500 |
| GST (3%) | ₹4,700 |
| Final Retail Price | ₹1.61 – ₹1.62 Lakh |
Silver prices remain extremely volatile because silver acts as both:
Demand from sectors such as:
continues supporting silver prices globally.
| Component | Approximate Cost |
|---|---|
| Global Silver Benchmark | ₹2,10,000 |
| Currency & Import Impact | ₹20,000 |
| Import Duty & Levies | ₹28,000 |
| Refining Costs | ₹5,500 |
| Dealer Margins | ₹6,500 |
| GST | ₹7,500 |
| Final Retail Price | ₹2.68 – ₹2.72 Lakh |
LOWEST PRICE ZONES HIGHEST PRICE ZONES
Ahmedabad ₹1,61,450 ████████████████
Kolkata ₹1,61,600 █████████████████
Mumbai ₹1,61,750 █████████████████
Delhi ₹1,61,900 ██████████████████
Bengaluru ₹1,62,200 ███████████████████
Hyderabad ₹1,62,350 ████████████████████
Chennai ₹1,62,500 █████████████████████
Patna ₹1,62,600 ██████████████████████
Kochi ₹1,62,700 ███████████████████████
LOWEST PRICE ZONES HIGHEST PRICE ZONES
Ahmedabad ₹2,67,500 ███████████████
Mumbai ₹2,68,500 ████████████████
Delhi ₹2,69,000 █████████████████
Jaipur ₹2,69,500 ██████████████████
Lucknow ₹2,70,000 ███████████████████
Chennai ₹2,71,000 █████████████████████
Patna ₹2,72,500 ███████████████████████
The rise in precious metal prices is now creating broader inflationary pressure across India.
Analysts expect bullion prices to remain volatile over the coming weeks because of:
| Commodity | Expected Range |
|---|---|
| Gold | ₹1.55 Lakh – ₹1.68 Lakh |
| Silver | ₹2.55 Lakh – ₹2.90 Lakh |
Gold in India is increasingly behaving like a geopolitical hedge rather than just a jewellery commodity, while silver continues to attract strong industrial and investment demand simultaneously.
Unless geopolitical tensions cool sharply, crude oil prices stabilize, and the rupee strengthens meaningfully, India’s bullion market is likely to remain structurally elevated and highly volatile through the coming quarter.
MCX gold prices are currently trading near ₹1.61 lakh to ₹1.62 lakh per 10 grams.
Silver prices in India are trading between ₹2.65 lakh and ₹2.75 lakh per kilogram.
Gold prices are rising due to geopolitical tensions, import duty hikes, rupee weakness, and strong safe-haven demand.
Kochi and Patna are currently among the highest-priced bullion markets in India.
Prices vary because of local taxes, logistics costs, jeweller premiums, and regional demand patterns.
India currently imposes a 15% import duty on bullion.
Silver prices are rising because of strong industrial demand from solar, EV, and electronics sectors.
If geopolitical tensions escalate further and the rupee weakens more, gold prices could move closer to ₹1.70 lakh.
Ahmedabad and Gujarat currently have some of the lowest bullion prices in India.
Bullion markets remain highly volatile, and buying decisions depend on investment horizon, inflation expectations, and risk appetite.