Gold and silver prices in India on May 31, 2026, remained largely steady with minor fluctuations across major cities, even as global markets reacted to geopolitical tensions in West Asia and mixed signals from the US dollar. Precious metals, which are traditionally considered safe-haven assets, have not shown sharp upside, indicating cautious investor sentiment and stable domestic demand.
As per the latest retail market rates, 24-carat gold is trading around ₹15,605 per gram, while 22-carat gold is priced near ₹14,304 per gram. Silver prices are hovering close to ₹2,74,900 per kilogram in the domestic bullion market. Prices vary slightly across cities due to local taxes, transportation costs, and jewellers’ margins.
Gold prices in major cities (per gram)
| City | 24K Gold (₹) | 22K Gold (₹) |
| Delhi | 15,704 | 14,410 |
| Mumbai | 15,704 | 14,395 |
| Chennai | 15,960 | 14,630 |
| Kolkata | 15,704 | 14,395 |
It is to be noted that gold prices in India are mainly influenced by international bullion rates, rupee-dollar movement, import duty, and seasonal jewellery demand. With the wedding and festive season approaching in some regions, retail demand remains stable, preventing sharp corrections in prices.
Check the latest gold rates here
Silver prices in major cities
Silver continues to trade at elevated levels compared to long-term averages, supported by industrial demand as well as investment buying. Unlike gold, silver prices are more sensitive to global manufacturing trends, making the metal more volatile during uncertain economic conditions.
| City | Silver (₹ per 10gm) | Silver (₹ per kg) |
| Delhi | 28,000 | 2,80,000 |
| Mumbai | 28,000 | 2,80,000 |
| Chennai | 28,000 | 2,80,000 |
| Kolkata | 28,000 | 2,80,000 |
Check the latest silver rates here
MCX closing prices (last trading session on May 31, 2026)
On the Multi Commodity Exchange (MCX), gold settled slightly lower at ₹1,55,650 per 10 grams on Thursday. Silver faced heavier selling, with MCX prices falling nearly 2% to ₹2,65,950 per kg due to geopolitical tensions in the Middle East, a stronger US dollar, and rising global bond yields.
| Commodity | Price (MCX) | Change |
| Gold (June futures) | ₹1,55,650 per 10 grams | Down 1.25% |
| Silver (July futures) | ₹2,65,950 per kg | Down 1.73% |
Recent futures market data showed mild pressure on bullion, with silver witnessing a sharper correction compared to gold. Analysts say traders remain cautious ahead of global macroeconomic cues, currency movement, and geopolitical developments, which are likely to determine the next trend in precious metals.
Published on: May 31, 2026 10:04 AM IST
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