Gold and Silver Price Today in India, 12 May 2026: PM Modi Asks Nation to Avoid Gold Purchases, 24K Drops to ₹1.52 Lakh
The gold price today in India is ₹1,52,500 per 10 grams for 24-carat gold, down 0.42% from Monday. The silver price today in India has crashed from ₹4,300 to ₹2,62,730 per kg after hitting a high of nearly ₹2,82,000 earlier in the session.
Gold and silver prices erased early gains on 12 May as uncertainties in the Middle East heightened. MCX gold, which briefly touched ₹1,54,049 per 10 grams in early trade, pulled back sharply. MCX silver surged nearly 1.2% to the ₹2,82,000 mark before crashing 1.5% to around ₹2,74,000. Two key triggers drove the reversal: Trump's rejection of Iran's peace proposal and a rebound in the US dollar.
Gold and Silver Price Today in India - Key Highlights
| Metric | Gold 24K | Silver 999 |
|---|---|---|
| Spot Price (per 10g / per kg) | ₹1,52,500 | ₹2,62,730 |
| Change vs Yesterday | 🔴 ▼ ₹650 | 🟢 ▲ ₹360 |
| % Change | 🔴 ▼ −0.42% | 🟢 ▲ +0.14% |
| MCX Price | ₹1,51,941/10g | ₹2,62,355/kg |
| MCX Change | 🔴 ▼ −₹589 (−0.39%) | 🟢 ▲ +₹433 (+0.17%) |
| COMEX Gold | $4,665/oz | — |
| COMEX Silver | $80.70/oz | — |
| COMEX Gold Change | 🔴 ▼ −$65.70 (−1.39%) | — |
| COMEX Silver Change | 🔴 ▼ −$0.17 (−0.21%) | — |
| Gold-Silver Ratio | ~58:1 | — |
| USD/INR | ₹95.31 | — |
| Last Updated | 12 May 2026, 15:40 IST | 12 May 2026, 15:40 IST |
Morning update note: MCX silver surged to a high of ₹2,82,755/kg (+1.19%) in early trade before reversing sharply. MCX gold touched ₹1,54,243 before pulling back. The afternoon session brought heavy selling, with silver falling ₹4,300 from its intraday peak
Gold Price Today in India (24K, 22K, per gram and 10g)
The gold price today in India is ₹15,250 per gram for 24-carat gold. Goodreturns data shows 24K gold at ₹15,213 per gram, 22K at ₹13,945 per gram, and 18K at ₹11,410 per gram across major cities.
| Purity | Per Gram (₹) | Per 10g (₹) | Per 100g (₹) | Change vs Yesterday |
|---|---|---|---|---|
| 24 Karat (999) | 15,250 | 1,52,500 | 15,25,000 | 🔴 ▼ −0.42% |
| 22 Karat | 13,979 | 1,39,792 | 13,97,917 | 🔴 ▼ |
| 20 Karat | 12,708 | 1,27,083 | 12,70,833 | 🔴 ▼ |
| 18 Karat | 11,438 | 1,14,375 | 11,43,750 | 🔴 ▼ |
| 14 Karat | 8,896 | 88,958 | 8,89,583 | 🔴 ▼ |
Silver Price Today in India (per gram and per kg)
The silver price today in India is ₹263 per gram and ₹2,62,730 per kg for 999 fine silver. Goodreturns shows retail silver at ₹2,75,000 per kg, which includes 3% GST and dealer margins.
| Unit | Silver 999 Fine (₹) | Silver 925 Sterling (₹) | Silver 900 Coin (₹) | Change vs Yesterday |
|---|---|---|---|---|
| 1 gram | 263 | 243 | 236 | 🟢 ▲ +0.14% |
| 10 grams | 2,627 | 2,430 | 2,365 | 🟢 ▲ |
| 100 grams | 26,273 | 24,303 | 23,646 | 🟢 ▲ |
| 1 kg (999 fine) | 2,62,730 | 2,43,025 | 2,36,457 | 🟢 ▲ +360 |
| 1 ounce | 7,448 | 6,890 | 6,703 | 🟢 ▲ |
| 1 tola | 3,064 | 2,835 | 2,758 | 🟢 ▲ |
City-Wise Gold and Silver Rates Today in India (12 May 2026)
| City | Silver 999 (₹/kg) | Silver (₹/g) | Gold 24K (₹/10g) | Gold 22K (₹/10g) | vs Yesterday |
|---|---|---|---|---|---|
| Delhi | 2,75,000 | 275 | 1,52,130 | 1,39,450 | 🔴 ▼ Gold down |
| Mumbai | 2,75,000 | 275 | 1,51,370 | 1,38,750 | 🔴 ▼ Gold down |
| Chennai | 2,75,000 | 275 | 1,53,250 | 1,40,479 | 🔴 ▼ Gold down |
| Hyderabad | 2,75,000 | 275 | 1,52,130 | 1,39,450 | 🔴 ▼ Gold down |
| Bengaluru | 2,75,000 | 275 | 1,52,130 | 1,39,450 | 🔴 ▼ Gold down |
| Kolkata | 2,75,000 | 275 | 1,52,130 | 1,39,450 | 🔴 ▼ Gold down |
| Pune | 2,75,000 | 275 | 1,52,130 | 1,39,450 | 🔴 ▼ Gold down |
| Ahmedabad | 2,75,000 | 275 | 1,52,180 | 1,39,500 | 🔴 ▼ Gold down |
| Surat | 2,75,000 | 275 | 1,52,180 | 1,39,500 | 🔴 ▼ Gold down |
| Jaipur | 2,75,000 | 275 | 1,52,130 | 1,39,450 | 🔴 ▼ Gold down |
Retail silver at ₹2,75,000/kg includes 3% GST and dealer margins. Bullions.co.in spot rate is ₹2,62,730/kg. MCX rate is ₹2,62,355/kg.
MCX Gold and Silver Prices Today (12 May 2026)
MCX gold opened higher at ₹1,54,049 per 10 grams before reversing to trade around ₹1,53,200. MCX silver surged nearly 1.2% to ₹2,82,755/kg before crashing 1.5% to around ₹2,74,000 in afternoon trade. Bullions.co.in's 15:40 IST update shows the final confirmed levels below.
| Contract | Price (₹) | Change | % Change | Intraday High | Intraday Low | Prev. Close |
|---|---|---|---|---|---|---|
| MCX Gold — June 2026 | 1,51,941/10g | 🔴 ▼ −589 | 🔴 −0.39% | 1,54,434 | 1,51,500 | 1,52,530 |
| MCX Silver — July 2026 | 2,62,355/kg | 🟢 ▲ +433 | 🟢 +0.17% | 2,64,922 | 2,60,986 | 2,61,922 |
The intraday range for MCX silver was exceptional today, spanning nearly ₹22,000/kg between the morning high of ₹2,82,755 and afternoon lows. This level of intraday volatility reflects the direct sensitivity of silver to Middle East news flow.
Global Gold and Silver Prices Today - COMEX and Spot (12 May 2026)
| Commodity | Exchange | Price (USD) | Change | % Change | Intraday High | Intraday Low |
|---|---|---|---|---|---|---|
| Gold Futures | COMEX | $4,665.00/oz | 🔴 ▼ −$65.70 | 🔴 −1.39% | $4,714.10 | $4,655.10 |
| Silver Futures | COMEX | $80.70/oz | 🔴 ▼ −$0.17 | 🔴 −0.21% | $82.21 | $79.53 |
| Gold–Silver Ratio | — | ~57.8:1 | — | — | — | — |
Spot gold is trading near $4,730 per ounce in the afternoon, while spot silver is marginally higher above $86 per ounce. The gold–silver ratio sits near ~58:1, well below the long-term average of ~68. This confirms that silver has sharply outperformed gold over the past year, up 171% versus gold's 57%.
What Is Driving Gold and Silver Prices Today?
1. Trump rejects Iran peace proposal
President Donald Trump said the US-Iran ceasefire was on "massive life support" after rejecting Tehran's latest peace proposal, intensifying fears that the Strait of Hormuz could remain effectively blocked for a prolonged period. This triggered a sharp intraday reversal. Gold and silver first surged on safe-haven demand before falling as investors took profits.
2. PM Modi's gold appeal
Gold prices in India inched down after Prime Minister Narendra Modi urged the nation to put off purchases of non-essential gold for a year to protect India's external balances. This was a domestic demand dampener and added downward pressure to already volatile prices.
3. Rising crude oil prices
The prolonged shutdown of the Strait of Hormuz has driven oil higher. US WTI Crude is trading near $100 per barrel, and Brent Crude is soaring above $105 per barrel. High oil keeps inflation fears alive, which in theory supports gold. But it also reinforces the "higher for longer" interest rate view, which reduces the appeal of non-yielding assets like gold and silver.
4. Rebounding US dollar
A steady dollar added to the woes for gold. The US dollar gained momentum to trade around 98 against a basket of currencies. A stronger dollar makes gold more expensive for buyers in other currencies, reducing global demand. The USD/INR rate at ₹95.31 further amplifies this effect on Indian retail prices.
5. Silver outperforms on industrial demand
Despite the intraday crash from its morning high, silver still ended the day in positive territory (up 0.14%), whilst gold closed lower. Silver continues to trade at elevated levels compared to long-term averages, supported by industrial demand as well as investment buying. Solar panel manufacturing and electric vehicle battery production remain structural demand drivers keeping a floor under the metal.
Gold vs Silver Performance – Trend Analysis
| Date | Silver 999 (₹/kg) | Gold 24K (₹/10g) | MCX Silver (₹/kg) | MCX Gold (₹/10g) | Move |
|---|---|---|---|---|---|
| 12 May 2026 | 2,62,730 | 1,52,500 | 2,62,355 | 1,51,941 | 🔴 ▼ Gold falls; Silver holds |
| 11 May 2026 | 2,62,370 | 1,53,150 | 2,61,922 | 1,52,530 | 🔴 ▼ Gold soft |
| 7 May 2026 | 2,44,230 | 1,49,830 | ~2,57,000 | 1,53,110 | 🟢 ▲ Both up |
| 1 Month Ago (11 Apr) | 2,44,230 | 1,52,890 | — | — | — |
| 1 Year Ago (May 2025) | 96,890 | 96,900 | — | — | — |
Silver is up 7.57% from one week ago (₹2,44,230/kg on 4 May 2026). Gold is up 1.78% over the same period. Year-on-year, silver has surged 171.16% from ₹96,890/kg, while gold has gained 57.38% from ₹96,900/10g. Silver has outperformed gold by a wide margin over both the short and long term.
Gold and Silver Price Outlook
Any major trigger at the global level can lead to bullion prices swinging sharply in the coming sessions. Key factors to watch include Brent crude oil price changes, US inflation figures, geopolitical developments in West Asia, and rupee movement against the dollar.
| Factor | Direction | Impact on Gold and Silver |
|---|---|---|
| US-Iran talks (Trump rejected proposal) | 🔴 Stalled | 🟢 Keeps safe-haven bid alive |
| US dollar at ~98 DXY | 🔴 Firm | 🔴 Caps gold upside |
| Brent crude above $105/barrel | 🟢 Rising | 🟢 Inflation hedge demand |
| PM Modi's gold appeal | 🔴 Domestic dampener | 🔴 Soft near-term retail demand |
| Fed rates on hold (cuts expected 2027) | 🔴 Restrictive | 🔴 Non-yielding asset pressure |
| Silver industrial demand (solar, EV) | 🟢 Structural | 🟢 Floor under silver prices |
Near-term support for MCX gold is at ₹1,50,000. A move above ₹1,54,500 would signal a fresh leg higher. For MCX silver, ₹2,55,000/kg is key support, while a break above ₹2,80,000 could open up a retest of all-time highs.
This outlook is for informational purposes only. Please consult a financial adviser before making investment decisions.
FAQs
What is the gold price today in India per gram?
The gold price today in India is ₹15,250 per gram for 24-carat gold as of 12 May 2026 (15:40 IST), down 0.42% from Monday. The 22K rate is ₹13,979 per gram and 18K is ₹11,438 per gram. These rates are from Bullions.co.in and may vary by city and jeweller.
What is the silver price today in India per kg?
The silver price today in India is ₹2,62,730 per kg for 999 fine silver (Bullions.co.in, 15:40 IST). Retail market rates via Goodreturns show ₹2,75,000/kg, which includes 3% GST and dealer margins. Silver is up 171.16% year-on-year from ₹96,890/kg in May 2025.
Why is gold falling today in India?
Gold is falling today for three main reasons. First, Trump rejected Iran's latest peace proposal, which triggered profit-booking after early safe-haven gains. Second, PM Modi urged Indians to avoid buying non-essential gold for a year, dampening domestic retail demand. Third, a firmer US dollar near the 98 mark is reducing global demand for the metal.
