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New Delhi. If you too have been planning to buy gold or silver for the last several days, then there is a very good news for you. During the last one week, there has been a tremendous decline in the prices of gold in the bullion market. According to the latest data released on May 31, 2026, 24 carat pure gold has become cheaper by about ₹ 2,020 per 10 grams within a single week. At the same time, a huge decline of about ₹ 1,850 has been recorded in the price of 22 carat gold, which is used for making jewellery.

In such a situation, all those people who have a wedding atmosphere in their homes or those who are planning to invest in gold, their eyes are fixed on the ups and downs of the market at this time. However, on the last trading day of last week, a slight recovery and a sharp rise in gold prices was seen in the Delhi bullion market. Market experts say that due to increasing tension between America and Iran, worsening situation in West Asia and demand for safe investment from investors globally, there is continuous fluctuation in the price of gold.

Why did the price of gold suddenly decrease?

Talking about the global market, at present the eyes of big investors around the world are focused on the ongoing internal talks between America and Iran. It is being claimed in some media reports that a temporary deal is being discussed to reduce the ongoing tension between the two countries and to completely reopen the ‘Strait of Hormuz’ which is very important for maritime trade. Experts believe that if the international situation becomes normal, then the demand for gold as a safe investment may decrease, due to which its prices may come down further.

Meanwhile, a sluggish atmosphere was seen in the future prices of gold on the Multi Commodity Exchange (MCX) of the Indian market. On the other hand, in the international market, spot gold was seen trading around $ 4,556.84 an ounce.

Gold Price In India: Today’s gold price in major cities of India

Gold prices vary in different states and cities of the country due to taxes and other charges. Let’s take a look at today’s rates in big cities of the country:

Silver also lost its shine, became cheaper by ₹ 5,000

Following the path of gold, silver prices have also registered a sharp decline on a weekly basis. Within the last seven days, the price of silver has fallen to about ₹ 5,000 per kg. On May 31, 2026, the price of silver in the Indian market remains around ₹ 2,80,000 per kg. If we talk about the international market, spot silver is trading at the price of $ 75.62 per ounce.

How are the prices of gold and silver decided in India?

Many people have this question in their mind that how the prices of gold and silver are decided every day in the country. Let us tell you that its prices in India depend on many domestic and international factors. These mainly include the price of bullion in the global market, the value of our rupee against the US dollar, import duty imposed by the government, GST, purchases of gold by central banks like the Reserve Bank, demand from common customers and ongoing wars or geopolitical tensions in the world. Apart from this, in our country the rates issued by the Indian Bullion and Jewelers Association (IBJA) are also considered to be the biggest parameter for the market.

Gold Rate FAQs: Answers to important questions arising in your mind

What is the rate of 24 carat gold today?

Today, the price of 24 carat gold in the country’s capital Delhi is at the level of ₹ 1,57,190 per 10 grams.

Will buying gold be a profitable deal at this time?

If you want to buy jewelery for a wedding or for your personal needs, then this current fall in the market is a great opportunity for you. On the other hand, if you are an investor, then instead of investing all the money at once, you can adopt the strategy of purchasing in installments (in a phased manner).

What is the difference between 22 carat and 24 carat gold?

24 karat gold is considered to be the purest gold, having approximately 99.9% purity. However, it is very soft, hence jewelry cannot be made directly from it. At the same time, a small part of other metals is mixed in 22 carat gold, which makes it stronger. Most of the jewelery in the country is made from this 22 carat.

Why do gold prices change every day?

Its prices keep changing daily due to the changing conditions of the global market, daily changing value of dollar-rupee, balance of demand and supply of gold in the market and the impact of major political events happening around the world.

Who finalizes the price of gold in India?

No single institution in India decides its price. Its prices are decided by the rates of the international market, the cost of importing it in India and the demand and activities of traders in the Indian bullion market.