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Gold prices in India continued to see sharp fluctuations on Friday, May 22, 2026, as investors closely tracked developments surrounding tensions between the United States and Iran. The 24-carat gold futures contract on MCX slipped by Rs 318, or 0.2 per cent, to Rs 1,59,288 per 10 grams after opening trade. In the previous session, the metal had settled at Rs 1,59,606 per 10 grams. In Delhi’s bullion market, the price of 24-carat gold climbed to Rs 1,65,500 per 10 grams, including taxes. Over the last three trading sessions alone, gold prices have surged by Rs 2,700. Data from GoodReturns showed 24-carat gold trading at Rs 1,60,230 per 10 grams on Friday, while the Indian Bullion and Jewellers Association (IBJA) reported gold prices at Rs 1,58,538 per 10 grams during the morning session.

Despite the decline, gold continues to trade near historically high levels. Earlier this year on January 29,  futures had touched a lifetime high of Rs 1,80,779 per 10 grams. According to bullion traders, the precious metal has remained volatile as global investors seek safe-haven assets amid ongoing uncertainty in West Asia.

Internationally, spot gold prices edged lower to $4,534.54 per ounce. However, experts noted that domestic prices remained firm because of the rupee’s weakness and persistent demand from investors looking for safer investment avenues.

24K, 22K, 18K Gold Rate In Delhi, Chennai, Mumbai And Other Major Cities

Market experts said gold prices continue to receive support from geopolitical tensions and inflation concerns worldwide. Traders remained cautious as uncertainty around the US-Iran situation and disruptions in the Strait of Hormuz fueled demand for precious metals.

Analysts stated that despite softer international trends, domestic bullion prices stayed firm due to the weak rupee and steady investor demand. They also pointed out that futures prices came under pressure after speculators reduced their positions amid weak spot demand.

Experts Highlight Global Factors Behind Volatility

Traders said ongoing geopolitical tensions in West Asia and concerns over global inflation supported buying of the metal, despite firm US bond yields. Experts said concerns over the US-Iran conflict and disruptions in the Strait of Hormuz kept demand for precious metals steady, and a weak rupee also supported local prices. Domestic bullion prices remained firm despite a decline in international markets.

"Gold traded firm on Thursday following a recovery from recent lows, bolstered by improving optimism surrounding US-Iran diplomatic efforts, which positively influenced sentiment in the bullion market," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said in a PTI report.