Gold Slides for Second Straight Session on Friday; 24K Sheds Another ₹2,240 per 10 gm

Mumbai, May 15: Gold prices extended their retreat on Friday, slipping for a second consecutive session as the market continued to absorb the shock of last Wednesday’s steep tariff-driven surge. 

The national price of 24-karat gold (99.9% purity) fell to ₹1,60,090 per 10 grams, shedding ₹2,240 from Thursday’s ₹1,62,330. The 22-karat rate (91.6% purity) declined to ₹1,46,750 per 10 grams, down ₹2,050 from the previous session’s ₹1,48,800. The 18-karat price (75% purity) eased to ₹1,20,070 per 10 grams, falling ₹1,680 from Thursday’s ₹1,21,750. On a per-gram basis, 24K gold now stands at ₹16,009, 22K at ₹14,675 and 18K at ₹12,007.

Friday’s decline marks the second day of softening after the extraordinary ₹13,910-per-10-gm jump recorded on Wednesday, when the government more than doubled gold and silver import duties to 15 per cent. The two-session pullback of ₹7,800 per 10 grams in 24K gold suggests the market is engaged in a measured correction after the tariff-shock repricing, rather than a reversal of the structural upward shift in domestic prices. 

Retail demand at jewellery counters remained hesitant as consumers adjusted to the new price landscape, while bullion dealers flagged that the persistent premium of Indian gold over international rates — a direct consequence of the higher import duty — continues to widen the arbitrage gap that has historically encouraged grey market activity.

City-Wise Gold Rates: Southern and Western India

Chennai retained its position as the most expensive gold market among India’s major cities on Friday, quoting 24-karat gold at ₹1,63,090 per 10 grams, 22-karat at ₹1,49,500 and 18-karat at ₹1,24,700 — a premium that reflects the deep-rooted jewellery culture of Tamil Nadu and the pricing conventions of local bullion associations. Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune were all uniformly pegged at the national benchmark: 24-karat at ₹1,60,090, 22-karat at ₹1,46,750 and 18-karat at ₹1,20,070 per 10 grams, a pattern that underscores how closely India’s major urban bullion markets mirror the national rate when no local supply-side disruptions are in play.

Delhi quoted 24-karat gold at ₹1,60,240 per 10 grams, 22-karat at ₹1,46,900 and 18-karat at ₹1,20,220 — a marginal premium above the national rate that has long reflected the capital’s higher dealer margins and its status as one of India’s largest retail jewellery markets. Vadodara and Ahmedabad quoted uniformly at ₹1,60,140 for 24-karat, ₹1,46,800 for 22-karat and ₹1,20,120 for 18-karat gold per 10 grams, consistent with the Gujarat convention of a slight premium over Mumbai. Across all cities, Friday’s prices moved in lockstep, with the across-the-board decline of the day reflecting global price softening feeding through to domestic markets even as the higher tariff floor kept Indian rates well above pre-Wednesday levels.

Source:

• goodreturns.in | Friday, May 16, 2026