Gold-Silver Rates: 'Do Not Buy Gold...' Did Gold Prices Rise or Fall Today Following PM Modi's Appeal? Check Silver Prices Here
Gold & Silver Prices Today (Live), May 11, 2026: Prime Minister Narendra Modi yesterday appealed to the citizens of the country to exercise restraint in their consumption of gold; consequently, a slight decline in prices is being observed today.
Gold-Silver Rates Today (May 11): Last week, India witnessed significant volatility in the prices of 24-carat, 22-carat, and 18-carat gold. Prices even dropped below their one-month low, though they staged a strong recovery by the end of the week. During this period, silver rates in India also remained volatile. Investors are now gearing up for the trading week commencing today. On May 11, 2026, a marginal dip is being observed in both gold and silver prices. Gold prices are showing a downward trend today across various cities, including Delhi and Mumbai.
'Refrain from Buying Gold for One Year'
During an event in Hyderabad on Sunday, Prime Minister Narendra Modi appealed to the public to make a concerted effort to conserve foreign exchange reserves. This initiative calls for the judicious consumption of petrol and diesel, the deferral of non-essential foreign travel, a reduction in the use of edible oils, and a moratorium on gold purchases for a period of one year. This appeal stems from the government's ongoing struggle to navigate the economic repercussions of the current global energy crisis—specifically rising crude oil prices—amidst the conflict between Iran and the US, as well as the prevailing tensions in the Middle East.
Gold Prices Today
| City | 24 Carat Gold Price (per 10 grams) | 22 Carat Gold Price (per 10 grams) | Changes compared to yesterday |
| Delhi | 1,52,500 | 1,39,800 | 250 rupees drop |
| Mumbai | 1,52,350 | 1,39,650 | 200 rupees drop |
| Kolkata | 1,52,350 | 1,39,650 | 200 rupees drop |
| Chennai | 1,54,370 | 1,41,500 | 300 rupees drop |
| Bengaluru | 1,52,350 | 1,39,650 | 200 rupees drop |
| Hyderabad | 1,52,350 | 1,39,650 | 200 rupees drop |
| Ahmedabad | 1,52,400 | 1,39,700 | 250 rupees drop |
| Lucknow | 1,52,500 | 1,39,800 | 250 rupees drop |
| Jaipur | 1,52,500 | 1,39,800 | 250 rupees drop |
Silver Prices
Today, the average price of silver in India stands at approximately ₹274,900 per kilogram. This represents a marginal decline of ₹100 per kilogram compared to yesterday's rates. In cities such as Delhi, Mumbai, Kolkata, and Bengaluru, silver is currently trading at ₹274,900 per kilogram—down from yesterday's price of ₹275,000. Conversely, prices remain stable at ₹280,000 per kilogram in Chennai and Hyderabad.
Why Did Gold and Silver Prices Fall?
India is the world's second-largest consumer of gold. Prime Minister Modi's appeal has had a direct impact on the purchasing sentiment of the general public. Consequently, as demand declines, market prices naturally tend to fall.
There is also speculation within the market that if the general public does not voluntarily curb their gold purchases, the government may increase import duties. Apprehensive of this possibility, some traders and investors are reducing their gold holdings, thereby maintaining downward pressure on prices.
Gold prices had already reached a record high of ₹1.5 lakh per 10 grams. Against this backdrop, PM Modi's appeal to refrain from purchasing gold for a year serves as a signal to investors that prices are now likely to either stabilize or decline. Consequently, investors are offloading their existing gold holdings—acquired at higher valuations—to book profits.
