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Gold prices in India witnessed a noticeable correction on May 23, 2026, bringing temporary relief to buyers after a prolonged rally in precious metals. The prices of both gold and silver declined across major Indian cities amid cautious global market sentiment and easing investor concerns around geopolitical tensions.

According to the latest market update, 22-carat gold prices in cities such as Delhi, Lucknow, and Jaipur slipped to ₹1,46,240 per 10 grams, while 24-carat gold prices also recorded a decline.

Experts say domestic bullion rates are currently being influenced not only by local demand and currency fluctuations but also by several major international developments, including crude oil prices, Middle East tensions, and movements in the US dollar.

Gold Prices Decline Across Major Indian Cities

In the national capital Delhi, the price of 24-carat gold fell to ₹1,59,630 per 10 grams, while 22-carat gold dropped to ₹1,46,240.

A day earlier, gold with 99.9% purity in Delhi’s bullion market had already fallen by ₹600 per 10 grams.

Meanwhile, in the international market, spot gold was trading around $4,522.32 per ounce.

Why Are Gold Prices Falling?

Market analysts believe investors are currently adopting a cautious approach due to ongoing geopolitical developments, especially around:

• US-Iran diplomatic discussions
• Middle East conflict concerns
• Developments around the Strait of Hormuz shipping route
• Crude oil price volatility
• Fluctuations in the Indian rupee

Since India imports a large portion of its gold requirement, international market conditions directly impact domestic bullion prices.

Traders are closely monitoring whether tensions in West Asia ease further, as any major development can sharply influence gold demand globally.

Latest Gold Rates in Major Indian Cities

City	22 Carat Gold Price (₹ per 10 gm)	24 Carat Gold Price (₹ per 10 gm)
Delhi	1,46,240	1,59,630
Mumbai	1,46,190	1,59,480
Ahmedabad	1,46,240	1,59,530
Chennai	1,47,790	1,61,230
Kolkata	1,46,190	1,59,480
Hyderabad	1,46,190	1,59,480
Jaipur	1,46,240	1,59,630
Bhopal	1,46,240	1,59,530
Lucknow	1,46,240	1,59,630
Chandigarh	1,46,240	1,59,630

Mumbai and Kolkata Gold Prices

In both Mumbai and Kolkata:

• 22-carat gold price stood at ₹1,46,190 per 10 grams
• 24-carat gold price stood at ₹1,59,480 per 10 grams

Chennai Records Highest Gold Price Among Major Cities

Chennai continued to report some of the highest bullion prices among major metros.

• 24-carat gold: ₹1,61,230 per 10 grams
• 22-carat gold: ₹1,47,790 per 10 grams

Silver Prices Also Witness Decline

The correction was not limited to gold alone.

Silver prices also dropped sharply on May 23.

Latest Silver Rate

• Silver price: ₹2,84,900 per kilogram

In the international market, spot silver was trading around $75.87 per ounce.

Interestingly, earlier this year in January 2026, silver prices in India had crossed the ₹4 lakh per kilogram mark, making the current decline particularly significant for investors and industrial buyers.

Global Factors Influencing Precious Metals

Gold and silver prices are currently reacting strongly to several global developments.

Major Factors Affecting Prices

• Geopolitical tensions in West Asia
• Global inflation concerns
• Crude oil price movement
• US Federal Reserve policy expectations
• Currency market volatility
• Demand for safe-haven assets

Whenever uncertainty rises globally, investors usually move toward gold and silver as safer investment options. However, easing tensions or stronger dollar movements can temporarily cool down bullion prices.

Should Investors Buy Gold Now?

Financial experts believe the recent decline may attract fresh buyers, especially during wedding and festive seasons.

However, analysts also warn that precious metal markets may remain volatile in the coming weeks because of ongoing geopolitical uncertainty and fluctuations in global commodity markets.

Investors are generally advised to:

• Avoid panic buying
• Track international market trends
• Monitor rupee-dollar movement
• Consider long-term investment goals

Final Thoughts

After weeks of strong upward movement, gold prices have finally shown signs of cooling down across major Indian cities. The fall in both gold and silver prices comes amid cautious global market sentiment and easing geopolitical concerns.

While the decline may offer some relief to jewellery buyers and investors, experts believe precious metal markets could continue witnessing sharp fluctuations depending on global economic and political developments in the coming days.

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