Gold prices continue to witness sharp fluctuations as the escalating US-Iran conflict rattles global financial markets, keeping investors and traders on edge.
Gold prices continue to witness sharp fluctuations as the escalating US-Iran conflict rattles global financial markets, keeping investors and traders on edge. Earlier on Friday, gold prices in the national capital Delhi slipped by Rs 600 to Rs 1.64 lakh per 10 grams after tentative progress in US-Iran negotiations reduced panic-driven buying in precious metals.
However, uncertainty surrounding the strategically crucial Strait of Hormuz continues to fuel caution in the bullion market.
At present, gold rates in New Delhi stand at Rs 15,963 per gram for 24K, Rs 14,624 for 22K, and Rs 11,966 for 18K gold. In Mumbai, prices are slightly lower at Rs 15,948 (24K), Rs 14,619 (22K), and Rs 11,961 (18K) per gram.
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Meanwhile, Chennai continues to record some of the highest gold prices in the country, with rates touching Rs 16,123 for 24K gold, Rs 14,779 for 22K, and Rs 12,399 for 18K per gram. Kolkata’s gold rates remain similar to Mumbai, with 24K gold priced at Rs 15,948 per gram.
The bullion market remains trapped between geopolitical tensions and fragile diplomatic developments, leaving investors wondering whether gold is heading toward another record-breaking rally or preparing for a correction.
To recall, gold pricing in India is influenced by a combination of global and domestic factors. International gold prices, the strength of the US Dollar, geopolitical instability, and festive-season jewellery demand all play a crucial role in determining the precious metal’s value. As a result, Indian buyers often face rapidly changing prices driven by both economic uncertainty and seasonal demand.
As of May 23, gold rates across major Indian cities remain elevated. Bangalore, Hyderabad, and Kerala have all recorded similar prices to Mumbai and Kolkata, with 24K gold trading at Rs 15,948 per gram, 22K at Rs 14,619, and 18K at Rs 11,961.
Silver Rates on May 23
Alongside gold, silver prices have also remained firm amid global market volatility. Currently, silver is priced at Rs 284.90 per gram and Rs 2,84,900 per kilogram in India.
Though cheaper than gold, silver continues to attract strong investor interest and remains a preferred choice for jewellery buyers in regions where silver ornaments are more popular. Apart from investment demand, silver prices are also heavily influenced by industrial consumption and manufacturing demand worldwide.
Adding further pressure on precious metal buyers, the government recently announced a steep hike in import duty on gold and silver, raising it to 15 per cent from the earlier 6 per cent. The move aims to curb non-essential imports and control the ballooning import bill amid the intensifying West Asia crisis, PTI reported.
In addition, import duty on platinum has also been increased sharply from 6.4 per cent to 15.4 per cent, making precious metals significantly more expensive for Indian buyers.
