Precious metal prices in India experienced a marginal uptick on May 12, 2026, with both gold and silver registering slight increases across major cities. This movement comes as global markets react to ongoing geopolitical tensions in West Asia and mixed signals from the US dollar, influencing investor sentiment.
Current Gold Rates in Major Indian Cities
As of May 12, 2026, retail market data indicates that 24-carat gold is trading at approximately ₹15,359 per gram nationally. Meanwhile, 22-carat gold is priced near ₹14,080 per gram. Minor variations in prices are noted across different cities, primarily due to local taxes, transportation costs, and jeweler margins.
- Delhi: 24K gold at ₹15,359 per gram, 22K gold at ₹14,080 per gram.
- Mumbai: 24K gold at ₹15,398 per gram, 22K gold at ₹14,115 per gram.
- Chennai: 24K gold at ₹15,381 per gram, 22K gold at ₹14,099 per gram.
- Kolkata: 24K gold at ₹15,398 per gram, 22K gold at ₹14,115 per gram.
Silver Prices Remain Elevated
Silver prices continue to trade at elevated levels compared to long-term averages, supported by robust industrial demand and consistent investment buying. Unlike gold, silver's valuation is more susceptible to global manufacturing trends, leading to greater volatility during periods of economic uncertainty.
- Delhi: ₹2,900 per gram, ₹2,90,000 per kilogram.
- Mumbai: ₹2,900 per gram, ₹2,90,000 per kilogram.
- Chennai: ₹2,851 per gram, ₹2,85,100 per kilogram.
- Kolkata: ₹2,900 per gram, ₹2,90,000 per kilogram.
MCX Futures Market Update
On the Multi Commodity Exchange (MCX), the previous trading session on May 11, 2026, saw gold (June futures) settling slightly higher at ₹154,330 per 10 grams, marking a 0.16% increase. Silver (July futures) also rose by 1%, closing at ₹2,78,690 per kilogram.
Recent futures market data indicates mild pressure on bullion, with silver experiencing a more pronounced correction than gold. Analysts suggest that traders are maintaining a cautious stance, awaiting further global macroeconomic cues, currency movements, and geopolitical developments that are expected to shape the future trajectory of precious metals.
Factors Influencing Precious Metal Prices
Several key factors contribute to the fluctuation of gold and silver prices in India. These include international bullion rates, the movement of the Indian Rupee against the US Dollar, prevailing import duties, and seasonal demand for jewelry. With the approaching wedding and festive seasons in various regions, stable retail demand is helping to prevent sharp price corrections.