On May 15, 2026, the Indian bullion market saw precious metal prices remain largely stable, with minor fluctuations across key cities. Gold prices for 24-carat purity hovered around ₹16,234 per gram, while 22-carat gold was priced near ₹14,881 per gram. Silver continued its trend at elevated levels, trading approximately at ₹2,99,900 per kilogram.
This steadiness in prices comes amidst a backdrop of cautious investor sentiment and consistent domestic demand, particularly as geopolitical tensions in West Asia and mixed signals from the US dollar influence global markets. Despite these external factors, precious metals, traditionally seen as safe-haven assets, did not experience sharp upside movements in the Indian market.
Retail Gold Prices Across Major Indian Cities
Retail gold prices vary slightly across different Indian cities due to local taxes, transportation costs, and individual jewellers' margins. Here’s a snapshot of 24K and 22K gold rates per gram on May 15, 2026:
- Delhi: 24K at ₹16,227; 22K at ₹14,896
- Mumbai: 24K at ₹16,234; 22K at ₹14,881
- Chennai: 24K at ₹16,419; 22K at ₹15,051
- Kolkata: 24K at ₹16,234; 22K at ₹14,881
Factors such as international bullion rates, the movement of the rupee against the dollar, import duties, and seasonal demand for jewellery significantly influence these domestic prices. The upcoming wedding and festive seasons in some regions are contributing to stable retail demand, which helps prevent sharp corrections in prices.
Silver Rates Remain Elevated
Silver prices have maintained elevated levels, driven by both industrial demand and investment buying. Unlike gold, silver's value is more sensitive to global manufacturing trends, making it prone to greater volatility during periods of economic uncertainty. On May 15, 2026, silver rates per 10 grams and per kilogram were:
- Delhi: ₹2,999 per 10 gm; ₹2,99,900 per kg
- Mumbai: ₹2,999 per 10 gm; ₹2,99,900 per kg
- Chennai: ₹3,149 per 10 gm; ₹3,14,900 per kg
- Kolkata: ₹2,999 per 10 gm; ₹2,99,900 per kg
MCX Futures Market Overview
In the Multi Commodity Exchange (MCX) for the last trading session on May 14, 2026, both gold and silver futures settled relatively flat. Gold (June futures) saw a marginal decline of 0.04% to ₹1,62,120 per 10 grams. Silver (July futures), however, experienced a sharper drop of over 1% to ₹2,96,722 per kg, paring previous gains due to a stronger dollar and rising US inflation.
Analysts indicate that traders are proceeding with caution, awaiting further global macroeconomic cues, currency movements, and geopolitical developments that are expected to shape the future trajectory of precious metals.