Gold prices rebounded today, with 24K reaching ₹15,765 per gram, recovering from a weekly dip. A steep import duty hike, however, has significantly dampened Indian gold demand.
After a week of declines, gold prices in India saw a rebound today, May 30, 2026, with 24-carat gold trading at ₹15,765 per gram across major cities. This daily uptick comes as a welcome relief following a 1.36% weekly dip, primarily influenced by robust US inflation data that strengthened expectations for a potential US Federal Reserve rate hike. While silver prices also climbed today, the domestic gold market grapples with a significant challenge that has severely impacted demand.
Today's price movements saw 24K gold reaching ₹15,765 per gram, with rates in cities like Delhi, Mumbai, Chennai, and Kolkata reflecting this upward trend. Globally, US gold rates also edged higher to $4,535, largely supported by escalating geopolitical tensions, specifically reports of a US-Iran war. This indicates gold's enduring appeal as a safe-haven asset amidst global uncertainties. However, the stability of the US dollar and the anticipation of Fed rate hikes continue to be key factors influencing international prices, which in turn affect landed costs in India.
The most impactful news for the Indian gold market today is the dramatic effect of the recent import duty hike. The duty has been raised from 6% to a hefty 15%, leading to a staggering 70% drop in gold demand. This is a severe blow to a market that typically imports over 700 tonnes of gold annually, underscoring India's deep-rooted cultural and investment affinity for the yellow metal. Such a sharp decline in demand could have significant implications for jewelers and consumers alike. On a more positive note for long-term investors, Sovereign Gold Bonds (SGBs) have proven to be an excellent investment, with premature redemptions showing a remarkable 227% return, effectively turning a ₹1 lakh investment into ₹3.27 lakh.
For Indian investors and jewelry shoppers, the market presents a mixed picture. While today's rebound and the long-term proven returns of SGBs offer some confidence, the immediate future for physical gold demand remains clouded by the steep import duty. Jewelry buyers might find current prices influenced by this reduced demand, but the overall trajectory will also depend on global factors like the US Federal Reserve's monetary policy and ongoing geopolitical developments. Monitoring both international gold trends and domestic policy changes will be crucial for making informed decisions in the near term.