The yellow metal’s rates in India gained nearly 1% in the domestic futures market on Wednesday, continuing to trade above the ₹150,000 level over the last few sessions. On 16 May, MCX Gold June contracts were priced at ₹153,155 per 10 grams, while MCX Silver May contracts stood at ₹248,696 per kg.
In the retail market, 24-karat gold was priced at ₹157,900 per 10 gm, while 22-karat gold stood at ₹144,759 per 10 gm. Silver (999 fine) was priced at ₹289,900 per kg, according to Indian Bullion Association data.
Customers must note that jewellers may add making charges, taxes, and GST to the bill, which could hike the final price of the item. Check the full list here for gold and silver prices in your city today, 16 May.
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Gold and Silver Prices in Mumbai — 16 May
24 karat gold rate in Mumbai — ₹157,900/10 gm.
22 karat gold rate in Mumbai — ₹144,759/10 gm.
Silver 999 Fine rate in Mumbai — ₹289,900/1 kg.
Gold and Silver Prices in New Delhi — 16 May
24 karat gold rate in New Delhi — ₹158,050/10 gm.
22 karat gold rate in New Delhi — ₹144,890/10 gm.
Silver 999 Fine rate in New Delhi — ₹289,900/1 kg.
Gold and Silver Prices in Hyderabad— 16 May
24 karat gold rate in Hyderabad — ₹157,900/10 gm.
22 karat gold rate in Hyderabad — ₹144,740/10 gm.
Silver 999 Fine rate in Hyderabad — ₹304,900/1 kg.
Gold and Silver prices in Kolkata — 16 May
24 karat gold rate in Kolkata — ₹157,900/10 gm.
22 karat gold rate in Kolkata— ₹144,740/10 gm.
Silver 999 Fine rate in Kolkata — ₹299,900/1 kg.
Gold and silver prices in Bengaluru — 16 May
24 karat gold rate in Bengaluru — ₹157,900/10 gm.
22 karat gold rate in Bengaluru — ₹144,740/10 gm.
Silver 999 Fine rate in Bengaluru — ₹289,900/1 kg.
Gold and Silver Prices in Chennai — 16 May
24 karat gold rate in Chennai — ₹161,070/10 gm.
22 karat gold rate in Chennai — ₹147,640/10 gm.
Silver 999 Fine rate in Chennai — ₹304,900/1 kg.
Gold and Silver Prices in Ahmedabad — 16 May
24 karat gold rate in Ahmedabad — ₹157,950/10 gm.
22 karat gold rate in Ahmedabad — ₹144,790/10 gm.
Silver 999 Fine rate in Ahmedabad — ₹289,900/1 kg.
Bullion remains range-bound
As per Reuters, noted that gold continues to trade under pressure from a firm US dollar, which makes bullion more expensive for overseas buyers and limits upside momentum. Expectations around US Federal Reserve policy have also kept investors cautious, as interest rate trajectories remain uncertain amid mixed inflation signals.
Crude oil prices, according to Reuters, were steady to volatile in recent sessions, adding to broader commodity market fluctuations. Energy price movements continue to influence inflation expectations, which remain a key factor for bullion sentiment, while a strong dollar has kept pressure on gold prices.
Reuters also pointed out that central bank purchases and consistent inflows into gold exchange-traded funds (ETFs) continue to provide structural support at lower levels. Despite this, profit booking at higher price zones has prevented a sustained breakout in domestic futures markets, keeping prices range-bound.
Silver prices have shown comparatively higher volatility, driven by both investment demand and industrial usage.
Customers must note that jewellers may add making charges, taxes, and GST to the bill, which could significantly increase the final purchase price of the item. Retail prices may also vary slightly across cities depending on local demand, transport costs, and dealer premiums.
