Precious metal markets in India saw largely stable prices on May 31, 2026, with only minor city-specific fluctuations. This stability comes despite global market reactions to ongoing geopolitical tensions in West Asia and mixed signals from the US dollar, indicating cautious investor sentiment and consistent domestic demand.
Current Retail Gold & Silver Rates
As of May 31, 2026, the retail price for 24-carat gold stood at approximately ₹15,605 per gram. For 22-carat gold, the rate was around ₹14,304 per gram. Silver, a key industrial and investment metal, was trading near ₹2,74,900 per kilogram in the domestic bullion market.
Local taxes, transportation costs, and individual jewellers' margins contribute to slight price variations across different Indian cities.
City-wise Gold Prices (per gram)
- Delhi: 24K gold at ₹15,704, 22K gold at ₹14,410
- Mumbai: 24K gold at ₹15,704, 22K gold at ₹14,395
- Chennai: 24K gold at ₹15,960, 22K gold at ₹14,630
- Kolkata: 24K gold at ₹15,704, 22K gold at ₹14,395
City-wise Silver Prices (per 10gm & per kg)
Silver continues to command elevated prices, supported by both industrial applications and investment buying. Unlike gold, silver's volatility is more closely tied to global manufacturing trends.
- Delhi: ₹28,000 per 10gm, ₹2,80,000 per kg
- Mumbai: ₹28,000 per 10gm, ₹2,80,000 per kg
- Chennai: ₹28,000 per 10gm, ₹2,80,000 per kg
- Kolkata: ₹28,000 per 10gm, ₹2,80,000 per kg
MCX Performance on May 31
On the Multi Commodity Exchange (MCX) for the last trading session on May 31, 2026, gold futures saw a slight decline, settling at ₹1,55,650 per 10 grams, down by 1.25%. Silver futures experienced a sharper correction, falling nearly 2% to ₹2,65,950 per kilogram.
This downturn in the futures market was largely attributed to escalating geopolitical tensions in the Middle East, a strengthening US dollar, and an uptick in global bond yields. Analysts suggest that traders are maintaining a cautious stance, awaiting clearer macroeconomic signals, currency movements, and further geopolitical developments to gauge the next direction for precious metals.