Gold and silver prices continued their upward trajectory across Indian markets on Saturday, May 30, 2026, buoyed by robust global trends, a weakening US dollar, and consistent investor demand. Chennai registered the highest 24-carat gold rates among major metropolitan areas.
Delhi Sees Gold at ₹1.62 Lakh, Silver Nears ₹2.80 Lakh
In Delhi's bullion market, gold prices had surged to ₹1.62 lakh per 10 grams by the close of trade on Friday, May 29. Silver also saw a significant climb, reaching ₹2.74 lakh per kilogram. These strong performances carried over into Saturday's trading.
Market data from GoodReturns indicated a marginal rise in precious metal prices on Saturday morning. The price of 24-carat gold increased by ₹10 to ₹1,57,650 per 10 grams, while 22-carat gold gained ₹10, settling at ₹1,44,510 per 10 grams. Similarly, 18-carat gold rose by ₹10 to ₹1,18,240 per 10 grams. Silver prices also moved higher, adding ₹100 to reach ₹2,80,100 per kilogram.
City-Wise Gold Rates (May 30 Morning)
- Chennai: 24-carat gold at ₹1,59,290 per 10 grams
- Delhi: 24-carat gold at ₹1,57,190 per 10 grams
- Mumbai: 24-carat gold at ₹1,57,040 per 10 grams
- Kolkata: 24-carat gold at ₹1,57,040 per 10 grams
- Lucknow, Jaipur, Kanpur: 24-carat gold around ₹1,57,780 per 10 grams
- Patna, Indore, Bhopal: 24-carat gold near ₹1,57,700 per 10 grams
Mixed Trends on MCX Futures
On the Multi Commodity Exchange (MCX), gold futures presented a mixed picture. The August 5 gold contract closed ₹146 higher at ₹1,61,059 per 10 grams. However, the June 5 contract saw a decline of ₹925, settling at ₹1,56,000 per 10 grams, while the October 5 contract gained ₹624 to close at ₹1,64,732 per 10 grams. Silver futures experienced some profit-booking, with the July 3 contract falling ₹2,537 to settle at ₹2,67,000 per kilogram.
Factors Driving Precious Metal Gains
Harish V, Head of Commodity Research at Geojit Investments Ltd., attributed the support for gold and silver prices to several key factors. These include ongoing developments in US-Iran diplomatic discussions and evolving expectations regarding the US Federal Reserve's interest rate decisions following recent inflation data.
“Expectations of stronger wedding-season demand in the domestic market have also helped keep prices elevated,” Harish V noted, adding that there is currently little indication of significant selling pressure.
He further stated that underlying market fundamentals continue to favor precious metals, with silver expected to follow gold's direction, benefiting from both its safe-haven appeal and growing industrial applications.