Gold prices in India remained largely stable on May 10, with 24-karat gold at ₹153,140 per 10 gm and 22-karat gold at ₹140,378 per 10 gm. According to reports from Mint, silver was priced at ₹262,350 per kg. Multi commodity exchange of India (MCX) was closed on weekends, making live trading rates unavailable. The precious metal continued to trade above ₹1.5 lakh, though it edged lower compared to recent trading sessions. Latest IBJA benchmark rates indicate 24K gold at ₹15,235 per gram, 22K gold at ₹13,965 per gram, and 18K gold at ₹11,426 per gram.
Major jewellery retailers maintained stable pricing on May 10, closely aligned with IBJA benchmark rates. Tanishq offered 22K gold at ₹14,010 per gram and 24K gold at ₹15,284 per gram, while Kalyan Jewellers priced 22K gold at ₹13,965 per gram and 24K gold at ₹15,235 per gram. Malabar Gold & Diamonds and Joyalukkas both maintained 22K gold at ₹13,965 per gram and 24K gold at ₹15,235 per gram. GRT Jewellers also remained stable with 22K gold at ₹13,965 per gram and 24K gold at ₹15,235 per gram. Malabar Gold & Diamonds and Joyalukkas both maintained 18K gold at ₹11,426 per gram.
Gold prices experienced their strongest bull run since 1979, rising by over 75% in the previous year. According to Mint reports, in India, the yellow metal climbed from ₹135,257 in early January to ₹157,480 in early March, marking an appreciation of around 16%. However, in May, the precious metal is trading below those highs as investors booked profits. Silver prices have seen even steeper increases, rising from roughly ₹78,600/kg in 2023-2024 to over ₹200,000/kg in early 2026 due to strong demand and currency fluctuations.
The current price stability comes amid strong safe-haven demand and global economic uncertainty. As reported by Mint, gold is sold in 24-karat and 22-karat purity in the retail market, with 24-karat being the purest form and 22-karat commonly used for jewelry due to its solid nature. According to Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., gold and silver are rallying on hopes of a US-Iran peace deal, which is weighing on the USD and pulling crude oil prices lower. Markets now await the NFP print, forecast at 62K versus March's 178K, with unemployment steady at 4.3%. Gold targets $4,800-4,850, while silver consolidates near $82 before eyeing $85.
