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Gold price today: Gold prices held steady after slipping for three consecutive sessions on Friday (May 15). Additionally, prices were on track to decline for the week, weighed down by rising oil prices, which sparked inflation concerns.
As of 5:20 am, spot gold was trading nearly flat at USD 4,654.65. Yellow metal prices have shown limited movement over the past few sessions and continue to trade sideways.
On the domestic front, gold futures for the June contract settled 0.02 per cent higher at Rs 1,62,003. Prices witnessed a spike this week following the Government of India’s move to increase import tariffs on gold and silver from 6 per cent to 15 per cent.
Rising Oil Prices Trigger Inflation Concerns
Oil prices traded higher, with WTI trading close to USD 102, while Brent crude hovered near USD 107. Additionally, both oil benchmarks gained 7.5 per cent and 5.7 per cent, respectively.
Rising oil prices can fuel inflation fears, prompting tighter monetary policy and a stronger US dollar, which typically reduces gold’s appeal as a non-yielding asset. As a result, higher energy costs may indirectly create a less supportive environment for gold prices.
Stronger US Dollar Pressures Gold Prices
For the week, pressure on gold prices also stemmed from the strength of the US dollar. The US dollar index against six major currencies gained around 1 per cent during the week so far.
A stronger USD typically pressures gold prices because gold is priced in dollars, making it more expensive for holders of other currencies. This reduces demand and often leads to weaker gold performance.
US Inflation Data Boosts Rate Pause Expectations
Additionally, data showed that US consumer prices rose for a second straight month in April, resulting in the largest annual increase in inflation in nearly three years. This further strengthened expectations that the Federal Reserve would keep interest rates unchanged for a longer period, according to a Reuters report.
Higher interest rates tend to weigh on gold prices by increasing the opportunity cost of holding a non-yielding asset.
Investors Eye Trump-Xi Talks and Strait of Hormuz Developments
Despite the sideways movement in gold prices this week, investors are closely watching updates from Donald Trump’s visit to China.
Additionally, dozens of vessels, including Chinese-owned ships, have passed through the Strait of Hormuz under Iran’s “management protocols,” according to the Revolutionary Guard, as Presidents Donald Trump and Xi Jinping discuss the strategically important waterway.
22K Gold Rates at Major Jewellers (Per Gram)
| Jewellery Brand | Price (Rs per gram) |
| Tanishq | 14845 |
| Malabar Gold & Diamonds | 14800 |
| Kalyan Jewellers | 14800 |
City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)
| City Name | 24k gold price India (10 grams) | 22k gold price India (10 grams) | 18k gold price India (10 grams) |
| Gold Price in Chennai | 164180 | 150500 | 125700 |
| Gold Price in Noida | 162260 | 148950 | 121900 |
| Gold Price in Delhi | 162260 | 148950 | 121900 |
| Gold Price in Mumbai | 162330 | 148800 | 121750 |
| Gold Price in Kerala | 162330 | 148800 | 121750 |
| Gold Price in Kolkata | 162330 | 148800 | 121750 |
| Gold Price in Hyderabad | 162330 | 148800 | 121750 |
| Gold Price in Patna | 162380 | 148850 | 121800 |
| Gold Price in Lucknow | 162260 | 148950 | 121900 |
Indian gold prices show Chennai has the highest across all purities, while Delhi, Noida, and Lucknow share similar rates. Mumbai, Kerala, Kolkata, and Hyderabad remain slightly cheaper, indicating modest regional pricing differences nationwide.
The India Bullion and Jewellers Association (IBJA) sets the daily “base price” of gold in India, which serves as the national benchmark for bullion rates. In simple terms, IBJA rates act as the reference price across the country. Below is a breakdown of gold prices based on different purity levels (carats) as defined by IBJA.
| Purity by carat | Morning Rates | Evening Rates |
| 24 carat gold | Rs 1,61,349 per 10 grams | Rs 1,61,159 per 10 grams |
| 23 carat gold | Rs 1,60,703 per 10 grams | Rs 1,60,514 per 10 grams |
| 22 carat gold | Rs 1,47,796 per 10 grams | Rs 1,47,622 per 10 grams |
| 18 carat gold | Rs 1,21,012 per 10 grams | Rs 1,20,869 per 10 grams |
| 14 carat gold | Rs 94,389 per 10 grams | Rs 94,278 per 10 grams |
IBJA Prices updated here are as of May 14
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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