Gold prices in India declined by 0.25% on May 21, 2026, with 24K gold trading at ₹160,070 per 10 grams and 22K gold at ₹146,731 per 10 grams. According to The Financial Express, this represents a ₹400 decrease for 24K gold and ₹366.70 decline for 22K gold compared to the previous close. The precious metal continues to maintain its sideways to bullish tone on the weekly chart, with the base trend pointing higher despite the recent minor correction. Gold prices in India remain 11.60% costlier than Dubai, with 24K gold in Dubai priced at ₹143,434 per 10 grams, reflecting the premium domestic market commands.
According to Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group, MCX Gold is maintaining its sideways to bullish tone on the weekly chart and is eyeing its next meaningful target of ₹1.70 lakh per 10 grams. The precious metal has broken out of its consolidation phase, with the base trend continuing to point higher. As reported by The Times of India, the 154,500 level, which also marks the weekly breakout point, is the key support to watch heading into the week. Any pullback toward this zone is likely to attract fresh buyers and limit the downside, with the bullish structure holding as long as prices stay above this level.
MCX Silver is consolidating on the weekly chart, testing the previous week's high as the first resistance to clear, as reported by The Times of India. The base trend stays bullish, and the recent import duty hike has added fresh momentum to the uptrend heading into the week. Silver has started the week on a strong note, keeping its upward momentum alive, with the bullish bias holding as long as prices stay above key weekly lows. The current week's low at ₹261,000 serves as the immediate support to watch, with a firm close below that mark putting bulls on the back foot.
Gold prices rose above $4,550 an ounce on Thursday, extending gains from the previous session as optimism over a possible US-Iran peace agreement supported market sentiment. As reported by The Financial Express, President Donald Trump stated that negotiations with Iran were in their final stages, raising expectations that the Strait of Hormuz could reopen and restore normal shipping flows. The development triggered a sharp decline in oil prices, helping ease inflation concerns and reducing expectations of aggressive monetary tightening by central banks. However, minutes from the Federal Reserve's latest policy meeting indicated that most policymakers still see a possible interest rate hike this year if inflation remains above the Fed's 2% target.
According to the analysis from Nuvama Professional Clients Group, MCX Gold trading strategy recommends a target of ₹170,000 with a stop loss at ₹154,500 for the current market price of ₹158,800. For silver, the trading strategy targets ₹300,000 with a stop loss at ₹261,000 for the current price of ₹272,800. As reported by The Times of India, the import duty hike lending additional support to the bullish move makes any near-term dips worth watching as accumulation opportunities. A firm close below key support levels could invite a deeper pullback, but as long as recent swing lows hold, the broader uptrend stays intact.
