As of May 18, 2026, gold prices in India have shown a decline, influenced by rising oil prices and inflation. In Mumbai, 24-carat gold is priced at Rs 1,56,920 per 10 grams, while 22-carat gold is available for Rs 1,43,840 per 10 grams. These prices exclude GST and making charges.
On the Multi Commodity Exchange (MCX), gold futures for July 5 contracts decreased by 0.41% to Rs 1,57,900 per 10 grams. In contrast, silver saw a decline of 1.16%, trading at Rs 2,68,724 per kilogram. However, early trading showed a slight recovery, with gold up by 0.05% and silver rising by 0.31%.
Gold Prices Across Major Cities
The following are the gold rates in key cities across India on May 18:
In Delhi, 22K gold is priced at Rs 1,43,990 and 24K gold at Rs 1,57,070.
Jaipur reflects similar rates, with both 22K and 24K gold at Rs 1,43,990 and Rs 1,57,070, respectively.
Ahmedabad lists 22K gold at Rs 1,43,890 and 24K gold at Rs 1,56,970.
Pune and Mumbai have identical rates for gold, with 22K gold at Rs 1,43,840 and 24K at Rs 1,56,920.
In Hyderabad, Chennai, Bengaluru, and Kolkata, the rates stand at Rs 1,43,840 for 22K and Rs 1,56,920 for 24K.
International Market Overview
On the international front, spot gold prices remained stable at $4,540.36 per ounce as of 0241 GMT. Earlier in the session, gold had reached its lowest level since March 30. June delivery US gold futures fell by 0.4% to $4,543.70 per ounce.
Rising tensions in the Middle East have elevated oil prices, prompting concerns about inflation and prolonged higher interest rates. A recent drone strike at a nuclear power plant in the United Arab Emirates and increased military activity in the region contributed to these concerns, placing additional strain on the market.
Government Policies Impacting Imports
In response to economic pressures, the Indian government has imposed restrictions on silver imports effective immediately. The new measures aim to mitigate pressure on the rupee and control expenditures on imports. Import duties on gold and silver have been raised from 6% to 15% beginning May 13.
Additionally, specific categories of silver bars have been classified as “Restricted” under the revised import policy by the Directorate General of Foreign Trade (DGFT). This change aims to regulate certain high-purity silver imports amid global uncertainties and rising import bills.
Concerns over forex reserves have also prompted Prime Minister Modi to urge citizens to refrain from purchasing gold for a year, highlighting the government’s attempt to preserve economic stability during this crisis.
Factors Influencing Gold Prices in India
Gold prices in India are primarily influenced by international market rates, taxes, import duties, and exchange rate fluctuations. Considering gold’s cultural significance and its role in large-scale investments, these factors play a crucial role in daily price assessments across the country.
Given the volatile nature of the market, both investors and traders are encouraged to stay informed about price fluctuations to navigate the dynamic trends effectively.
