Gold prices declined on Monday after Prime Minister Narendra Modi urged Indians to avoid purchasing gold for a year amid the ongoing US-Iran conflict in West Asia and the global economic uncertainty triggered by it.
Addressing a BJP rally in Hyderabad, Prime Minister Narendra Modi said India needs to preserve its foreign exchange reserves and cut down on fuel consumption as prolonged tensions in West Asia continue to strain global supply chains.
“Gold purchases are another major area where foreign exchange is heavily spent. In the national interest, we should take a pledge not to buy gold for one year,” he said.
India remains one of the world’s largest gold importers, with demand typically surging during weddings and festive periods. As most of the gold is imported, increased purchases lead to a higher outflow of dollars and add pressure to the country’s import bill.
Gold Rate Today: Latest Prices Across Major Indian Cities
The price of 24-carat gold stands at ₹15,192 per gram, marking a decline of ₹603, while 22-carat gold is priced at ₹13,915.87 per gram, down by ₹552.35.
The price of 24-carat gold has declined by 1.84% over the past week, while registering a marginal increase of 0.13% in the last month. Meanwhile, silver is trading at ₹2,62,557 per kg, up by ₹709.
In Delhi, the price of gold today stands at ₹1,51,920 per 10 grams, compared to ₹1,52,523 per 10 grams on May 10, 2026, and ₹1,49,724 per 10 grams on May 5, 2026.
Silver in Delhi is currently priced at ₹2,62,557 per kg, up from ₹2,61,848 per kg yesterday and ₹2,39,178 per kg a week ago.
In Chennai, gold rates today are at ₹1,53,357.91 per 10 grams, against ₹1,53,895.71 per 10 grams on May 10, 2026, and ₹1,51,071.52 per 10 grams on May 5, 2026.
Silver prices in Chennai today stand at ₹2,64,878.64 per kg, compared to ₹2,64,204.63 per kg yesterday and ₹2,41,330.60 per kg last week.
Gold August 2026 MCX futures were trading at ₹1,55,539 per 10 grams at the time of publication, down 0.29%.
Silver July 2026 MCX futures were trading at ₹2,62,611 per kg at the time of publication, registering a gain of 0.26%.
Gold and silver prices are influenced by several factors, including demand from major jewellers. Global demand trends, currency movements, interest rates and government policies also play a key role in determining prices.
In addition, international developments such as the condition of the global economy and the strength of the US dollar against other currencies significantly impact gold prices in the Indian market.