Gold, Silver rates slip on May 26: Check 22K and 24K prices in major cities

Gold and silver prices moved lower across major Indian cities on Tuesday as global uncertainty and rising oil prices pushed investors into a cautious mood. Traders tracked fresh developments from the Middle East closely after new US military action near Iran increased fears of prolonged geopolitical instability.

In bullion markets, 24-carat gold sold near ₹1.58 lakh per 10 grams in cities like Mumbai and Delhi, while 22-carat gold traded around ₹1.45 lakh per 10 grams. Jewellers clarified that the rates excluded GST and making charges, which vary from store to store.

Silver prices also slipped sharply during early trade. Market dealers linked the decline to pressure in global commodity markets and changing investor expectations around interest rates.

On the Multi Commodity Exchange, gold futures dropped more than half a percent during the trading session. Silver futures recorded an even steeper fall. Traders said investors booked profits after recent highs and shifted focus toward rising crude oil prices and possible inflation risks.

Internationally, gold prices weakened in spot trading even though uncertainty around Iran and the US kept global markets tense. Analysts said investors now fear that higher oil prices could force central banks to keep interest rates elevated for a longer period. That situation often affects bullion demand because higher interest rates increase returns from fixed-income assets.

In local jewellery markets, buyers in Delhi and Mumbai slowed purchases as rates remained near record territory. Several traders in Delhi’s bullion market said customers continued to enquire about prices but delayed large purchases in hope of a correction before the wedding season picks up again.

Jewellery shop owners in old market areas of Delhi noted that footfall stayed moderate during the morning hours. Many families still prefer gold as a long-term investment despite short-term volatility. Store managers also said customers now compare daily rates more actively before making purchases.

India remains one of the world’s biggest gold consumers. Demand usually rises during festivals, weddings, and special family occasions. However, international events often influence domestic prices because India imports a large portion of its gold requirement.

Apart from global tensions, the rupee-dollar exchange rate, import duty, and international bullion prices also shape daily gold and silver rates in the country. Even a small shift in crude oil prices or US monetary policy can trigger major movement in Indian bullion markets.

Commodity experts believe traders may continue to see volatile sessions this week as markets react to geopolitical headlines and fresh economic signals from the United States. Investors now await further updates from global central banks and developments in the Middle East conflict zone.

Despite the temporary decline, several bullion dealers expect long-term interest in gold to remain strong, especially among Indian households that continue to treat the metal as both a symbol of tradition and a financial safety net.