Gold and Silver Prices on May 16: Retail Rates Rise Across Major Indian Cities
Gold and silver price today, 16 May: Check retail rates of 24K, 22K gold and 999 silver in Delhi, Mumbai, other cities
Mint
Image: Mint
On May 16, gold prices in India saw a slight increase, with 24-karat gold retailing at ₹157,900 per 10 grams in Mumbai and ₹158,050 in New Delhi. Silver prices also remained high at ₹289,900 per kg in several cities, influenced by a strong US dollar and fluctuating crude oil prices.
- 01MCX Gold June contracts were priced at ₹153,155 per 10 grams on May 16.
- 02Silver prices varied across cities, with Hyderabad and Chennai seeing the highest rates at ₹304,900 per kg.
- 03Retail prices may include additional charges such as making fees, taxes, and GST.
- 04Gold prices remain under pressure due to a firm US dollar and uncertain interest rate policies from the US Federal Reserve.
- 05Central bank purchases and inflows into gold ETFs are providing structural support for gold prices.
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On May 16, gold prices in India increased slightly, with 24-karat gold priced at ₹157,900 per 10 grams in Mumbai and ₹158,050 in New Delhi. The retail price for 22-karat gold was ₹144,759 in Mumbai and ₹144,890 in New Delhi. Silver prices remained stable, with 999 fine silver priced at ₹289,900 per kg in most cities, while Hyderabad and Chennai reported higher rates of ₹304,900 per kg. The gold market continues to be influenced by a strong US dollar, which limits price increases for overseas buyers. Additionally, uncertainty regarding US Federal Reserve interest rate policies is keeping investors cautious. Despite this, central bank purchases and investment inflows into gold exchange-traded funds (ETFs) provide some support for prices. Customers should also be aware that jewellers may add making charges, taxes, and GST, which can significantly increase the final purchase price.
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The fluctuating prices of gold and silver can affect consumers' purchasing decisions, especially for those looking to buy jewelry or invest in bullion.
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