Gold prices in India remained broadly steady on Saturday, May 23, with only marginal changes seen across major cities in the retail market. Rates for both 24-karat and 22-karat gold witnessed limited movement, reflecting a pause in volatility after recent fluctuations in bullion prices. Silver prices too remained largely stable in the domestic market, continuing to trade at elevated levels.

Trading activity on the Multi Commodity Exchange (MCX) remained unavailable as the exchange stays closed on weekends. Based on Friday’s closing levels, however, gold continued to hold above the ₹1.5 lakh mark per 10 grams despite witnessing some softening compared to recent sessions.

Gold and silver rates

According to data from the Indian Bullion Association (IBA), the price of 24-karat gold stood at ₹1,59,320 per 10 grams at 8:30 am on Saturday. Meanwhile, 22-karat gold was quoted at ₹1,46,043 per 10 grams. Silver 999 Fine traded at ₹2,72,250 per kilogram in the physical bullion market.

In India’s retail market, gold is typically sold in two purity categories—24-karat and 22-karat. While 24-karat gold is considered the purest form and is primarily purchased for investment purposes, 22-karat gold is widely used in jewellery making due to its greater durability.

Among major cities, Chennai recorded the highest gold rates. The price of 24-karat gold in Chennai stood at ₹1,59,500 per 10 grams, while 22-karat gold was priced at ₹1,46,208. Silver in the city was trading at ₹2,72,540 per kilogram.

In Hyderabad, 24-karat gold was priced at ₹1,59,290 per 10 grams and 22-karat gold at ₹1,46,016. Silver rates stood at ₹2,72,180 per kilogram.

Mumbai saw 24-karat gold trading at ₹1,59,030 per 10 grams and 22-karat gold at ₹1,45,778. Silver in the city was quoted at ₹2,71,750 per kilogram.

In New Delhi, 24-karat gold rates were recorded at ₹1,58,760 per 10 grams, while 22-karat gold traded at ₹1,45,530. Silver prices stood at ₹2,71,290 per kilogram.

Kolkata and Bengaluru also recorded largely similar trends. Gold prices in these cities remained close to the national average, reflecting stable sentiment in the retail bullion market.

The precious metals market has witnessed a remarkable rally in recent years. Gold recorded one of its strongest bull runs in decades last year, gaining more than 75% amid geopolitical uncertainty and safe-haven demand. In India, gold prices climbed from ₹1,35,257 in early January to ₹1,57,480 by early March this year, reflecting a rise of nearly 16%.

Silver

Silver has outperformed even gold in terms of percentage gains. Supported by industrial demand and currency movements, silver prices surged sharply from approximately ₹78,600 per kilogram during 2023–24 to over ₹2 lakh per kilogram in early 2026.

Analysts continue to closely track global economic conditions, central bank policies, and investor sentiment, all of which remain key drivers for precious metal prices.

Published on: May 23, 2026 9:10 AM IST