Precious metal markets in India displayed cautious stability on May 29, 2026, with retail gold and silver prices holding largely steady across major cities. Despite this domestic calm, global factors like geopolitical tensions in West Asia and mixed signals from the US dollar influenced investor sentiment, leading to minor fluctuations in futures trading.
Retail Gold Rates Across India
As of May 29, 2026, the average retail price for 24-carat gold hovered around ₹15,605 per gram, while 22-carat gold was priced near ₹14,304 per gram. City-specific variations were observed due to local taxes, transportation costs, and jewellers' margins:
- Delhi: 24K gold at ₹15,620 per gram; 22K gold at ₹14,319 per gram.
- Mumbai: 24K gold at ₹15,605 per gram; 22K gold at ₹14,304 per gram.
- Chennai: 24K gold at ₹15,817 per gram; 22K gold at ₹14,499 per gram.
- Kolkata: 24K gold at ₹15,605 per gram; 22K gold at ₹14,304 per gram.
The upcoming wedding and festive season in various regions is contributing to stable retail demand, which is preventing sharp price corrections in the physical market.
Silver Prices Maintain Elevated Levels
Silver prices continued to trade at elevated levels, supported by both industrial demand and investment buying. The domestic bullion market saw silver priced around ₹2,74,900 per kilogram. Unlike gold, silver's value is more susceptible to global manufacturing trends, making it prone to higher volatility during periods of economic uncertainty.
- Delhi: ₹2,74,900 per kilogram (₹2,749 per 10 grams).
- Mumbai: ₹2,74,900 per kilogram (₹2,749 per 10 grams).
- Chennai: ₹2,84,900 per kilogram (₹2,849 per 10 grams).
- Kolkata: ₹2,74,900 per kilogram (₹2,749 per 10 grams).
Futures Market Performance
On the Multi Commodity Exchange (MCX), precious metal futures experienced a slight downturn during the last trading session on May 28, 2026. Gold (June futures) settled slightly lower at ₹1,55,650 per 10 grams, marking a 1.25% decrease. Silver (July futures) faced heavier selling pressure, declining by nearly 1.73% to ₹2,65,950 per kilogram.
Factors Influencing Precious Metal Trends
Several key factors influence gold and silver prices in India, including:
- International Bullion Rates: Global demand and supply dynamics.
- Rupee-Dollar Movement: Exchange rate fluctuations impact import costs.
- Import Duty: Government levies on precious metal imports.
- Geopolitical Developments: Tensions, particularly in regions like West Asia, often drive safe-haven buying.
- US Dollar Strength & Global Bond Yields: A stronger dollar or rising yields can make non-yielding assets like gold less attractive.
Analysts suggest that traders are maintaining a cautious stance, awaiting clearer global macroeconomic cues and further geopolitical developments to determine the next significant trend in the precious metals market.