Gold prices tumbled sharply today across India and globally, with a firm US dollar and inflation concerns driving the significant decline. Investors and jewelry shoppers faced a challenging day as rates fell across major cities.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹15,791INR | ₹1,57,910 | ↓ ₹442 |
| 22K Gold | ₹14,475 | ₹1,44,750 | ↓ ₹405 |
| 18K Gold | ₹11,843 | ₹1,18,430 | — |
Source: GoldMeter.in • Historical data for reference only
Gold suffered a significant blow on May 15, 2026, witnessing a sharp correction globally and across Indian markets. Comex gold plunged a staggering $171 per ounce, reflecting a widespread sell-off in precious metals. This downturn was not isolated, as silver also crashed, dropping over 9% internationally. Domestically, the impact was immediate and substantial, with 24K gold rates falling by ₹2,240 for the second consecutive day, while overall gold prices slid by as much as 3% or 1.93% in various Indian cities.
The sharp decline was primarily attributed to a firm and rising US dollar, which makes dollar-denominated gold more expensive for holders of other currencies, thereby dampening demand. Persistent inflation worries also played a crucial role, alongside concerns about interest rates. These factors created a strong headwind for gold, which typically thrives in environments of a weaker dollar and lower real interest rates. The week has already seen gold down by $200, indicating a broader trend of correction.
Across India, consumers and investors woke up to significantly lower gold rates. Major cities like Mumbai, Ahmedabad, Chennai, Delhi, Bengaluru, Hyderabad, and Kolkata all reported falling prices for both 22K and 24K gold. Prominent jewelers like Malabar Gold & Diamonds and Joyalukkas also reflected these declining rates for 22K, 24K, and 18K gold, impacting buying decisions for jewelry shoppers ahead of the upcoming festive season. The market sentiment was clearly one of caution and uncertainty, as many questioned the underlying drivers of this sudden crash.
With such significant volatility, investors are keenly watching global cues, particularly the trajectory of the US dollar and central bank policies regarding inflation and interest rates. The outlook for gold prices remains uncertain, and experts are actively debating where prices are headed next and what strategies investors should adopt. For jewelry shoppers, while the current dip might present a temporary window for purchases, the market's unpredictability suggests careful consideration and monitoring of daily price movements before making any significant commitments.