Commodity Market Update: Gold and Silver Prices in Delhi, Mumbai, and Kolkata on 11 May
Gold and Silver Prices Remain Flat on Monday, 11 May, Amid Geopolitical Tensions
The price of gold in India's retail market remained largely unchanged on Monday, 11 May, with both 24-karat and 22-karat gold rates witnessing marginal fluctuations across major cities. The domestic bullion market also saw limited movement in silver prices.
In the futures market, the Multi Commodity Exchange (MCX) gold June futures were down 0.10% at ₹1,53,000 per 10 grams around 9:41 am, while the MCX silver July futures were up 0.61% at ₹2,63,970 per kg at the same time.
The global market is currently gripped by geopolitical tensions, with US President Donald Trump rejecting Iran's counterproposal to end the 10-week war, calling it "totally unacceptable." Iran has vowed to "never bow" to the US, and the Iranian Army has warned of "surprising options" if adversaries made another "miscalculation."
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
The unresolved conflict hangs over the high-stakes summit between Trump and Chinese President Xi Jinping. Israeli Prime Minister Benjamin Netanyahu has stated that the war is not over, citing "more work to be done."
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewelry due to its durability.
| City | 24-Karat Gold Rate | 22-Karat Gold Rate | Silver 999 Fine Rate |
|---|---|---|---|
| Mumbai | ₹152,210/10 gm | ₹139,526/10 gm | ₹262,810/1 kg |
| New Delhi | ₹151,950/10 gm | ₹139,288/10 gm | ₹262,350/1 kg |
| Bengaluru | ₹152,370/10 gm | ₹139,673/10 gm | ₹262,970/1 kg |
| Kolkata | ₹152,050/10 gm | ₹139,379/10 gm | ₹262,410/1 kg |
| Hyderabad | ₹152,490/10 gm | ₹139,783/10 gm | ₹263,180/1 kg |
| Chennai | ₹152,700/10 gm | ₹139,975/10 gm | ₹263,530/1 kg |
The gold prices in major Indian cities on 11 May 2026 are as shown above.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Gold prices have experienced a significant bull run in the past year, rising by over 61%. In recent months, gold prices have risen modestly amid strong safe-haven demand and global economic uncertainty.
For example, in Faridabad, 10g of 24K gold climbed from ₹95,920 on 12 May 2025 to ₹1,54,645 on 9 May 2026, marking an appreciation of more than 60% in about one year.
The movement in precious metals will be governed by the outcome of the US-Israel war against Iran. Meanwhile, silver prices have seen even steeper increases due to strong demand and currency fluctuations, rising from roughly ₹78,600/kg in 2023-2024 to over ₹250,000/kg in early May 2026.
More in Economy
Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
MoSPI Releases Uniform Norms for DDP Estimates with 2022-23 Base Year
