Mumbai, May 11: Gold prices in India extended their decline on Monday, with the precious metal shedding further ground from Friday’s already-lower close as a firming US dollar and tentative optimism around US-Iran peace talks tempered safe-haven buying appetite.

The national price of 24-karat gold (99.9% purity) stood at ₹15,213 per gram on Monday, down ₹22 from Friday’s ₹15,235 per gram — translating to ₹1,52,130 per 10 grams, against Friday’s ₹1,52,680, a decline of ₹550 per 10 grams over the weekend. The 22-karat rate (91.6% purity) fell to ₹13,945 per gram on Monday from ₹13,995 on Friday, putting the 10-gram price at ₹1,39,450 — down ₹500 from Friday’s ₹1,39,950. The 18-karat price (75% purity) also eased to ₹11,410 per gram from ₹11,451 on Friday, making 10 grams worth ₹1,14,100 against Friday’s ₹1,14,510 — a fall of ₹410 across the weekend.

City-wise, Chennai continued to lead all major Indian cities with the highest gold rates on Monday, with 10 grams of 24-karat gold quoted at ₹1,53,820, 22-karat at ₹1,41,000 and 18-karat at ₹1,17,700 — reflecting the city’s structurally elevated rates driven by robust jewellery demand and localised association markups.

Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune were all uniformly priced at the national benchmark of ₹1,52,130 for 24-karat, ₹1,39,450 for 22-karat, and ₹1,14,100 for 18-karat gold per 10 grams, maintaining the tight pricing harmony that consistently characterises these six cities.

Delhi quoted 10 grams of 24-karat gold at ₹1,52,280, with 22-karat at ₹1,39,600 and 18-karat at ₹1,14,250 — carrying a modest premium above the national benchmark. Vadodara and Ahmedabad both quoted 24-karat at ₹1,52,180 per 10 grams, 22-karat at ₹1,39,500 and 18-karat at ₹1,14,150, maintaining their consistent premium above Mumbai’s rates rooted in localised jewellers’ association norms.

The US-Iran war and its complex push-pull dynamics continue to be the defining force behind gold’s price trajectory. When escalation intensifies — as it did last week with fresh missile exchanges over the Strait of Hormuz — gold rises sharply as investors flee to safe-haven assets to preserve wealth amid fears of a broader regional conflict. Conversely, any signal of diplomatic progress, such as President Trump’s “Project Freedom” pause and hints of a comprehensive peace deal, triggers dollar strength and risk-on sentiment that temporarily weighs on gold prices. Rising oil prices driven by the Strait of Hormuz blockade also stoke inflation globally, which historically supports gold as a hedge, creating a structural floor even when short-term sentiment turns cautious. For India specifically, the rupee’s weakness — driven by oil import pressures from the conflict — adds a currency cushion to domestic gold prices, limiting the extent of any correction even when international spot gold retreats.

Gold Rates Across Indian Cities -10 Grams (Monday, May 11, 2026)

Source:

• goodreturns.in