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Gold prices in India declined for the second consecutive day on May 19, while silver prices continued their upward rally across major cities. After remaining stable for a day, the precious metals market witnessed fresh fluctuations due to rising crude oil prices, uncertainty surrounding a possible US-Iran agreement, and increased import duties.

According to the latest market data, 24-carat gold has become cheaper by ₹710 per 10 grams over the last two days, while 22-carat gold prices have dropped by ₹660 during the same period. In contrast, silver prices have surged sharply, with rates climbing by ₹10,100 per kilogram in Delhi over two days.

Market experts believe geopolitical tensions in West Asia, volatility in global bond yields, and revised import policies are influencing the movement in bullion prices. The government has reportedly increased import duty on gold from 6% to 15%, adding pressure to domestic pricing trends.

Another key factor boosting silver prices is the government’s decision to move several categories of silver imports from the “free” category to the “restricted” category. This means certain silver imports will now require official approval before entering the country.

Latest Gold Prices in Major Indian Cities

Here is the latest city-wise rate for 10 grams of gold across India:

Among the listed cities, Chennai currently has the highest gold prices for all purity categories.

Silver Prices Continue to Rise

Silver prices also moved upward for the second straight day after remaining stable earlier. Before this rebound, silver had witnessed a sharp correction of nearly ₹30,000 per kilogram over three consecutive trading sessions.

Latest Silver Rates in Major Metro Cities

Chennai currently has the highest silver price among the major metropolitan cities.

Why Are Gold and Silver Prices Fluctuating?

Several global and domestic factors are driving volatility in bullion markets:

• Rising crude oil prices
• Geopolitical uncertainty in West Asia
• Fluctuations in US bond yields
• Concerns over the US-Iran agreement
• Increased import duties on gold
• Restrictions on silver imports

These developments are causing continuous movement in gold and silver prices, making the bullion market highly sensitive for investors and buyers.

Should Buyers Wait or Invest Now?

Market analysts suggest that short-term fluctuations may continue due to global uncertainty. Buyers planning jewellery purchases may monitor rates closely over the next few sessions, while long-term investors often consider dips in gold prices as buying opportunities.

Silver, meanwhile, is attracting attention due to industrial demand and tightening import regulations, which could keep prices elevated in the near term.