Prime Minister Modi urged Indians to avoid gold purchases for a year amidst an oil crisis. Gold prices remained largely stable in India today, though analysts foresee a range-bound period.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹15,235INR | ₹1,52,350 | — |
| 22K Gold | ₹13,965 | ₹1,39,650 | — |
| 18K Gold | ₹11,426 | ₹1,14,260 | — |
Source: GoldMeter.in • Historical data for reference only
The Indian gold market on May 10, 2026, was dominated by a significant appeal from Prime Minister Narendra Modi, urging citizens to refrain from buying gold for a year. This directive, aimed at bolstering national economic stability amidst an ongoing oil crisis, overshadowed what was otherwise a largely stable day for gold prices across major Indian cities. While the broader market saw little daily movement, the week concluded with a notable upward trend for the yellow metal.
Despite the Prime Minister's call, retail gold prices in India generally held steady for the day, with several reports indicating no significant change for 24K, 22K, and 18K gold. However, regional variations were observed; for instance, Tanishq in Bangalore quoted higher rates than the Indian Bullion and Jewellers Association (IBJA). Shoppers in Delhi, Mumbai, Chennai, and Kolkata experienced relatively consistent prices. This daily stability follows a week where gold had surged by 1.83%, primarily fueled by geopolitical tensions in the Strait of Hormuz, suggesting a positive underlying trend leading into the weekend.
The most impactful news for Indian gold buyers was undoubtedly Prime Minister Modi's appeal. Linking the request to the ongoing oil crisis, he encouraged citizens to adopt measures like working from home and saving petrol, positioning the avoidance of gold purchases as another national effort to manage economic pressures, despite India's robust forex reserves. Internationally, analysts pointed to ongoing US-Iran peace talks as a key factor influencing the global gold market. These talks are expected to keep gold and silver range-bound for the second consecutive week, as they tend to reduce safe-haven demand.
For Indian investors and jewelry shoppers, the immediate outlook is complex. While the Prime Minister's appeal could significantly dampen domestic demand, global factors like US-Iran talks suggest a period of consolidation for gold prices. The weekly surge driven by the Strait of Hormuz reminds us of gold's role as a safe haven asset amidst uncertainty. Therefore, while today saw stable prices, the coming days will likely see the market weighing the impact of the Prime Minister's strong message against international geopolitical developments and broader macroeconomic trends, potentially keeping the precious metal within a defined range.