Domestic bullion prices extended their remarkable rally on Thursday, May 14, 2026, with 24 Karat gold trading at ₹16,226 per gram in Delhi, up ₹8,550 from the previous session. According to reports from Goodreturns, the broader uptrend has been extraordinary, with 24K gold soaring by ₹97,600 per 100 grams between May 11-14, marking one of the strongest weekly rallies witnessed in recent months. 22 Karat gold advanced by ₹30 to ₹14,895 per gram, while 18 Karat gold gained ₹25 to ₹12,190 per gram. The sustained rally has pushed gold prices near record highs even as the pace of gains moderated after the sharp surge seen earlier this week. Latest reports indicate that one sovereign has jumped by ₹8,560 in just one day, highlighting the explosive nature of the current market surge.
Silver prices achieved a historic milestone on May 14, 2026, with silver crossing ₹3 lakh per kilogram for the first time in Indian market history. According to Goodreturns, silver is now priced at ₹3,00,000 per kg in Delhi and ₹3,10,000 per kg in Mumbai, representing a dramatic surge from previous levels. Silver 999 fine is trading at ₹300-310 per gram, while silver 925 sterling is at ₹278-287 per gram and silver 900 coin is at ₹270-279 per gram. The precious metal has delivered exceptional performance, with silver gaining over 210% year-on-year from ₹96,880 per kg in May 2025 and over 21% in just one week from May 6-14. MCX silver jumped ₹16,743 to touch ₹2,95,805 per kg, reflecting the explosive move across all markets. However, silver prices witnessed profit-booking on Thursday after a sharp three-session rally, with traders closely watching whether the metal can sustain above the psychologically crucial ₹3 lakh mark on the Multi Commodity Exchange (MCX).
Gold prices on the MCX also witnessed mild profit booking in early trade on Thursday after the June futures contract had rallied nearly 6% in the previous session. As reported by Goodreturns, the correction came as traders locked in gains following one of the sharpest single-day moves of the year, triggered by the government's decision to raise customs duty on gold and silver imports to 15% from 6%. MCX June futures traded around ₹1,62,270 per 10 grams in early trade, while July gold futures hovered near ₹1,61,344. The import duty hike has created significant market volatility, with traders now booking profits after the dramatic price movements. Global uncertainty, Middle East tensions, and rising demand for safe-haven assets are also fueling the explosive move in precious metals. According to Kotak Securities, MCX Silver July futures are currently entering a consolidation phase after the recent surge, with immediate support placed near ₹2,98,500 and stronger base around ₹2,95,000.
The precious metals market is showing signs of consolidation after the dramatic rally, with technical analysts providing key levels for future direction. As per Kotak Securities, resistance is placed in the ₹3,05,000 to ₹3,08,000 range for silver, with a sustained move above this band potentially reviving bullish momentum. A decisive break below the immediate support levels could trigger further downside pressure in the near term. Spot silver prices remain supported by continued industrial demand expectations and lingering uncertainty around global macroeconomic conditions. Analysts are also monitoring the US Federal Reserve's policy outlook, dollar movement and bond yields, which continue to influence precious metal sentiment globally. Any weakness in the dollar index or decline in US Treasury yields could continue to offer support to silver prices, according to Kotak Securities.
According to SBI Research, the higher levy could push domestic gold prices further upward, reshape the structure of the physical bullion trade and add to pressure on India's current account deficit. As reported by Goodreturns, the report stated that 'The impact of gold on the Current Account Deficit (CAD) is a matter of concern.' SBI Research also warned that higher import duties may widen the gap between international and domestic gold prices, thereby increasing the scope for arbitrage and unofficial inflows. The findings suggest that while the duty hike may support government revenue and curb official imports, it could also intensify incentives for informal trade channels and keep domestic bullion prices elevated in the weeks ahead. The weak rupee at ₹95.70 adds further upward pressure on India's domestic bullion prices, making dollar-priced metals more expensive in Indian currency terms.
