Gold prices in India declined 0.35% on May 12, 2026, with 24K gold priced at ₹153,510 per 10 grams and 22K gold at ₹140,718 per 10 grams, according to The Financial Express. The decline reflects broader market pressures as gold prices moved down 0.35% from the previous close, with 24K gold losing ₹540 and 22K gold declining ₹495. 18K gold was priced at ₹115,133 per 10 grams, showing consistent decline across all purity categories. Gold prices in India continue to remain higher than in Dubai, with 24K gold in India at ₹153,510 compared to ₹142,062 in Dubai, reflecting a difference of ₹11,448 or 8.06%. Gold prices in India are largely influenced by international spot gold rates, US dollar fluctuations, and import duties on gold among other factors.
Silver prices in India declined 0.46% on May 12, 2026, with 1 gm silver priced at ₹277 and 1 kg at ₹276,910, according to The Financial Express. However, silver prices have surged 6% to $85.50 per troy ounce, hitting a 2-month high amid escalating geopolitical tensions. The decline reflects broader market pressures as silver prices slipped 1.34% toward $84.80 a troy ounce on Tuesday, reversing earlier gains as investors focused on rising inflation risks linked to escalating Middle East tensions. 10 gm silver was priced at ₹2,769, showing consistent decline across all weight categories. Silver prices in India are largely influenced by international spot silver rates, US dollar fluctuations, and import duties on silver among other factors.
MCX silver futures for July 2026 delivery surged ₹3,000, or 1.1%, to ₹2,64,922 per kg, extending their upward momentum after the white metal had gained ₹3,500 in the previous trading session. According to reports from Mint, the white metal jumped around 1% on Monday, extending gains for the second consecutive session. Meanwhile, MCX gold futures for June 2026 delivery slipped ₹532, or 0.3%, to ₹1,52,000 per 10 grams, weighed down by rising crude oil prices and a firmer US dollar as traders adjusted their positions.
On the international front, spot silver rose 0.7% to $80.88 per ounce, while spot gold declined 0.6% to $4,684.32 per ounce. As reported by Mint, US gold futures for June delivery fell 0.8% to $4,676.02 per ounce amid renewed concerns over inflation and higher-for-longer interest rates. The dollar index strengthened, making dollar-denominated bullion costlier for buyers holding other currencies. Among other precious metals, platinum fell 0.6% to $2,042.71, while palladium was down 0.4% at $1,484.99.
Fading hopes of a quick US-Iran peace deal pushed oil prices higher, stoking inflation worries and reinforcing expectations that central banks may keep interest rates elevated for longer. According to media reports, US President Donald Trump stated that the US-Iran ceasefire was on "massive life support" after rejecting Tehran's latest peace proposal, increasing fears of extended disruption to the critical shipping route through the Strait of Hormuz. Higher oil prices continued to support inflation concerns, while a stronger US dollar added pressure on bullion prices. Reports suggested Trump may discuss restarting military operations and protecting commercial shipping through Hormuz with his national security team.
Analysts expect gold prices to remain range-bound in the near term, citing uncertainties in the West Asia conflict. High oil prices have stoked inflationary concerns worldwide, dampening demand for gold. Markets will monitor Trump's two-day visit to China, which is likely to provide cues on the West Asia conflict. Additionally, markets will monitor US CPI data scheduled for later in the day. Retail investors are advised to track not just domestic rates but also international trends before making buying decisions. The current market environment reflects heightened geopolitical risks and their impact on precious metals pricing across global markets.
