Gold prices in India’s retail market showed little movement on Monday, May 11, as rates for 24-karat and 22-karat gold remained largely unchanged across key cities. Silver prices also exhibited limited fluctuations in the domestic bullion market, even as global uncertainties continued to influence investor sentiment.
The steady trend persisted amid escalating geopolitical developments. US President Donald Trump rejected Iran’s counterproposal to end the 10-week conflict, describing it as “totally unacceptable.” Iran, in response, stated it would “never bow” before the US, with Iranian Army spokesperson Brigadier General Mohammad Akraminia warning of “surprising options” in case of further miscalculations.
Israeli Prime Minister Benjamin Netanyahu indicated that the conflict was far from over, noting that additional work remained, particularly concerning Iran’s uranium stockpile. This ongoing standoff adds complexity to the upcoming high-stakes summit between Trump and Chinese President Xi Jinping.
Futures trading reflected modest shifts. MCX gold June contracts dipped 0.10% to ₹1,53,000 per 10 grams around 9:41 am, while MCX silver July futures rose 0.61% to ₹2,63,970 per kg.
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In retail segments, 24-karat gold represents the purest form, whereas 22-karat is preferred for jewellery due to its greater durability. Here are the prevailing rates on May 11:
– Mumbai: 24K gold at ₹152,210/10 gm; 22K at ₹139,526/10 gm; 999 silver at ₹262,810/kg.
–New Delhi: 24K gold at ₹151,950/10 gm; 22K at ₹139,288/10 gm; 999 silver at ₹262,350/kg.
– Kolkata: 24K gold at ₹152,050/10 gm; 22K at ₹139,379/10 gm; 999 silver at ₹262,410/kg.
Prices in other cities such as Bengaluru, Hyderabad, and Chennai followed similar patterns with minor variations.
Over the past year, gold has experienced significant gains, recording its strongest bull run since 1979 with an increase exceeding 61%. In one notable example, 24K gold rates in Faridabad rose from ₹95,920 per 10 grams on May 12, 2025, to ₹1,54,645 on May 9, 2026. Silver has shown even sharper appreciation, climbing from around ₹78,600/kg in 2023-24 to over ₹250,000/kg in early May 2026, driven by robust demand and currency dynamics.
Future movements in these precious metals are expected to hinge on developments in the US-Israel conflict with Iran and broader global economic factors.