Gold and silver prices in India witnessed a decline on May 21, with both precious metals trading lower in domestic and international markets. Falling bullion prices and changing global economic sentiment contributed to the downward trend across major cities.
Latest Gold Rates in Major Indian Cities
In Mumbai, 24-carat gold was priced at ₹1,58,360 per 10 grams, while 22-carat gold stood at ₹1,45,160 per 10 grams.
Similar prices were recorded across cities like Bengaluru, Hyderabad, Chennai, and Kolkata. In Delhi and Jaipur, gold rates were slightly higher.
Silver Prices Also Decline
Silver prices also moved lower in domestic markets. On the Multi Commodity Exchange (MCX), silver contracts fell by more than 0.5%, reflecting weak global cues and cautious investor sentiment.
International Market Trends Affect Prices
Globally, gold prices edged lower as investors monitored developments related to US-Iran negotiations and rising US Treasury yields. Higher bond yields generally reduce the appeal of non-yielding assets like gold.
Market analysts also noted that expectations of tighter US monetary policy continued to pressure bullion prices.
Government Raises Import Duty on Gold and Silver
The Indian government recently increased import duties on gold and silver to curb non-essential imports and reduce pressure on foreign exchange reserves.
Import duty on gold and silver has now been raised to 15%, making precious metal imports more expensive.
Factors Influencing Gold Prices in India
Gold prices in India are mainly affected by:
- International bullion rates
- Import duties and taxes
- Rupee-dollar exchange rate
- Inflation and interest rates
- Global geopolitical developments
These factors together determine daily price fluctuations.