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Gold prices in India continued their upward rally this week, with rates climbing sharply across major cities amid strong global uncertainty and rising investor demand for safe-haven assets. In just one week, 24-carat gold prices have surged by as much as ₹2,130 per 10 grams, while 22-carat gold has become nearly ₹1,950 more expensive.

On May 24, gold rates remained elevated in domestic markets, with the national capital witnessing some of the highest prices among major Indian cities. Market analysts say international geopolitical developments, fluctuations in crude oil supply routes, and global economic uncertainty are continuing to influence precious metal prices worldwide.

Gold Prices Continue Weekly Rally

According to the latest market rates, 24-carat gold in Delhi is currently priced at ₹1,59,210 per 10 grams, while 22-carat gold is selling at ₹1,45,950 per 10 grams.

Meanwhile, cities such as Mumbai and Kolkata recorded 24-carat gold prices of ₹1,59,060 per 10 grams. In both cities, 22-carat gold is trading at ₹1,45,800 per 10 grams.

In Chennai, gold prices remained even higher compared to several other metro cities. The price of 24-carat gold reached ₹1,60,690 per 10 grams, while 22-carat gold stood at ₹1,47,300 per 10 grams.

Cities like Pune and Bengaluru also witnessed strong rates, with 24-carat gold priced at ₹1,59,060 per 10 grams and 22-carat gold at ₹1,45,800 per 10 grams.

Latest Gold Rates in Major Indian Cities

Why Gold Prices Are Rising

Experts say both domestic and international factors are driving the recent surge in gold prices.

One major factor currently influencing markets is the ongoing geopolitical tension in the Middle East. Investors across the world are closely monitoring developments involving the United States and Iran, especially discussions related to restoring stability around the strategically important Strait of Hormuz.

The Strait of Hormuz remains one of the world’s most critical oil transportation routes, and any disruption there can significantly affect global commodity markets.

Reports also suggest that Donald Trump recently indicated that negotiations with Iran were progressing positively, although final details are still under discussion. Hopes of easing tensions and reopening key trade routes have contributed to fluctuations in global commodity and currency markets.

International Gold and Silver Prices

In the international market, spot gold was trading around $4,522.32 per ounce during the latest session. Global investors are increasingly moving toward precious metals as a hedge against geopolitical uncertainty, inflation risks, and currency volatility.

Silver prices have also witnessed a major weekly jump.

According to the latest rates, silver prices in India have increased by nearly ₹5,000 per kilogram over the past week. On May 24, silver was trading at approximately ₹2,85,000 per kilogram in the domestic market.

Globally, spot silver prices were reported near $78.21 per ounce.

Silver Imports Witness Massive Growth

Data released by India’s Commerce Ministry showed a sharp rise in silver imports during the current financial year.

According to official figures:

• Silver imports in April increased by 157.16%
• Total import value touched nearly $411 million
• Overall silver imports in FY 2025-26 surged close to 150%
• Import volume rose by around 42% to 7,334.96 tonnes

Analysts believe growing industrial demand, investment buying, and expectations of further price increases are contributing to the surge in silver imports.

Investors Closely Watching Global Developments

Market experts say precious metal prices are likely to remain volatile in the coming weeks as investors track:

• US-Iran negotiations
• Middle East geopolitical tensions
• Dollar movement
• Global inflation trends
• Central bank policies
• Crude oil price fluctuations

Many investors continue shifting toward gold and silver as safer investment options during periods of uncertainty. However, analysts also caution that sudden geopolitical breakthroughs or changes in global monetary policy could trigger sharp price corrections in the bullion market.