Gold Price Today: Gold Rates Rise Again, 24-Carat Gold Hits ₹1.62 Lakh in Delhi; Silver Becomes Cheaper

Gold prices continued their upward march across India on May 15 as rising import duties, global uncertainty, and weakness in the rupee pushed bullion rates higher in major cities. Meanwhile, silver prices witnessed a decline after touching record levels earlier this year.

According to the latest market data, the price of 24-carat gold in Delhi surged to ₹1,62,270 per 10 grams, while 22-carat gold reached ₹1,48,960 per 10 grams. Gold prices in several other cities, including Mumbai, Kolkata, Chennai, and Bengaluru, also recorded sharp gains.

Why Gold Prices Are Rising

Market experts say the latest rally in gold prices is being driven by a combination of domestic and global factors. One of the biggest reasons is the Indian government’s recent decision to increase import duty on gold and silver from 6% to 15%.

The revised duty structure came into effect on May 13 and applies to gold bars, coins, jewellery, silver imports, and several other precious metal products. Platinum import duty has also been increased from 6.4% to 15.4%.

As a result, imported gold has become significantly more expensive, directly impacting retail prices across India.

Weak Rupee Adding Pressure

Another major factor behind the surge is the continuous fall in the Indian rupee against the US dollar. On Thursday, the rupee weakened further and reportedly touched a record low level of 95.73 against the dollar in the provisional market.

A weaker rupee makes imported commodities like gold more expensive for domestic buyers because India imports a large portion of its gold requirement from international markets.

Global Tensions Supporting Gold Demand

International market conditions are also supporting gold prices. Ongoing geopolitical tensions and uncertainty in global financial markets have increased demand for gold as a safe-haven investment.

Spot gold prices in the international market were trading near $4,704.30 per ounce, reflecting strong investor demand worldwide.

Silver Prices Decline

While gold prices moved higher, silver rates witnessed a correction. On May 15 morning, silver prices fell to around ₹2,99,900 per kilogram in the domestic market.

A day earlier, silver prices in the Delhi bullion market reportedly declined by ₹900 to ₹2,96,600 per kilogram. Despite the recent decline, silver prices remain significantly higher compared to previous years. Earlier this year, silver had crossed the ₹4 lakh per kilogram mark in India.

International spot silver prices were trading near $87.04 per ounce.

Gold Prices in Major Indian Cities

Market Outlook

Analysts believe gold prices may remain volatile in the coming weeks due to changes in import policies, global geopolitical developments, currency fluctuations, and international demand trends.

Despite high prices, gold continues to attract investors and buyers in India because of its cultural importance and long-term investment appeal.