Gold and silver prices today on 12 May: The price of the yellow metal in India’s retail market remained largely flat on Tuesday, 12 May, with both 24-karat and 22-karat gold rates witnessing marginal changes across major cities. Silver prices also showed limited movement in the domestic bullion market.
MCX gold June futures were up 0.09% at ₹1,54,470 per 10 grams around 9:24 am, while MCX silver July futures were up 0.99% at ₹2,81,460 per kg at that time.
Important geopolitical developments
The Saudi Aramco CEO, Amin H. Nasser, said on Monday that the oil market won’t normalise until 2027 if Hormuz disruption persists. The biggest challenge facing the market is the disruption to the global tanker fleet, Nasser said. The fleet is “mixed up” with tankers in the wrong places, he said, according to a CNBC report.
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On May 12th, 24-karat gold prices ranged from ₹154,000/10 gm in New Delhi to ₹154,930/10 gm in Chennai. 22-karat gold prices varied from ₹141,167/10 gm in New Delhi to ₹142,019/10 gm in Chennai.
Gold and silver prices are rising due to increased safe-haven demand stemming from the ongoing US-Iran war and geopolitical uncertainty in the Middle East, particularly concerning the Strait of Hormuz.
Gold prices saw a significant bull run last year, rising over 61%. Silver prices have also increased substantially due to strong demand and currency fluctuations. Currently, gold is in a bull trend, while silver is seeing gains driven by tensions and a weak dollar.
The conflict and potential disruptions in the Strait of Hormuz are pushing crude oil prices higher, raising fears of fresh inflationary pressures across global economies. This also influences the Federal Reserve’s interest rate decisions.
Silver has strong long-term potential due to its industrial uses. While short-term cautiousness exists, any meaningful correction in silver prices can be viewed as an opportunity for gradual accumulation by long-term investors.
The oil market will lose 100 million barrels of supply every week Hormuz is closed, the CEO added. The total net loss so far is 880 million barrels, he said.
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The US-Iran ceasefire is on ‘life support’
US President Donald Trump, on Monday, talking to reporters in the Oval Office, said the US ceasefire with Iran is “on life support” after Tehran sent an “unacceptable” counter to Washington’s proposal to end the war, reported CNBC. The state of the month-old truce is “unbelievably weak,” Trump said.
There have been multiple attacks that have occurred in the Strait of Hormuz and other areas despite the ceasefire, the media has reported.
Let us look at the recent developments in the gold and silver markets.
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it’s more durable. Here’s a look at the latest gold prices across major Indian cities on 12 May, 2026.
Gold Prices in Mumbai — 12 May
24 karat gold rate in Mumbai — ₹154,240/10 gm
22 karat gold rate in Mumbai — ₹141,423/10 gm
Silver 999 Fine rate in Mumbai — ₹281,090/1 kg
Gold Prices in New Delhi — 12 May
24 karat gold rate in New Delhi — ₹154,000/10 gm
22 karat gold rate in New Delhi — ₹141,167/10 gm
Silver 999 Fine rate in New Delhi — ₹281,250/1 kg
Gold Prices in Bengaluru — 12 May
24 karat gold rate in Bengaluru — ₹154,380/10 gm
22 karat gold rate in Bengaluru — ₹141,515/10 gm
Silver 999 Fine rate in Bengaluru — ₹281,960/1 kg
Gold Prices in Kolkata — 12 May
24 karat gold rate in Kolkata — ₹154,060/10 gm
22 karat gold rate in Kolkata — ₹141,222/10 gm
Silver 999 Fine rate in Kolkata — ₹281,360/1 kg
Gold Prices in Hyderabad — 12 May
24 karat gold rate in Hyderabad — ₹154,510/10 gm
22 karat gold rate in Hyderabad — ₹141,634/10 gm
Silver 999 Fine rate in Hyderabad — ₹282,180/1 kg
Gold Prices in Chennai — 12 May
24 karat gold rate in Chennai — ₹154,930/10 gm
22 karat gold rate in Chennai — ₹142,019/10 gm
Silver 999 Fine rate in Chennai — ₹283,000/1 kg
Movement in gold prices over the years
Notably, gold prices last year experienced their strongest bull run since 1979, rising by over 61%. In recent months, gold prices have risen modestly amid strong safe-haven demand and global economic uncertainty.
For example, in Faridabad, 10g of 24K gold climbed from ₹95,920 on 12 May 2025 to ₹1,54,200 on 9 May 2026, thus marking an appreciation of more than 60% in about one year. The movement now in precious metals is going to be governed by how the US-Israel war against Iran plays out. Global markets are eagerly waiting for the dispute to end.
Meanwhile, silver prices have seen even steeper increases due to strong demand and currency fluctuations, rising from roughly ₹78,600/kg in 2023-2024 to over ₹250,000/kg in early May 2026.
