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Gold prices continued to decline across major Indian cities on May 28, bringing some relief to buyers ahead of the festive and wedding season. Both gold and silver witnessed a noticeable fall in domestic markets as global uncertainty, geopolitical tensions, and a stronger US dollar continued to influence precious metal prices.

According to the latest market data, 22-carat gold in Delhi dropped to ₹1,45,240 per 10 grams, while 24-carat gold slipped to ₹1,58,430 per 10 grams. Similar price corrections were recorded in Mumbai, Kolkata, Bengaluru, Hyderabad, Chennai, and several other major cities.

Market experts believe that ongoing tensions between the United States and Iran, along with rising demand for the dollar as a safe-haven asset, have weakened investor sentiment toward gold in the short term.

Why Gold Prices Are Falling

The decline in gold prices is being linked to multiple international developments affecting commodity markets worldwide.

Analysts say investors are currently cautious because uncertainty still surrounds the ongoing US-Iran situation. Fresh American military activity in southern Iran has increased fears of prolonged geopolitical instability, while hopes for a near-term diplomatic agreement remain weak.

At the same time, concerns about:

• Rising global energy prices
• Trade disruptions
• Persistent inflation pressure
• Tight monetary policy by the US Federal Reserve

have strengthened the US dollar, reducing demand for precious metals like gold and silver.

A stronger dollar generally makes gold more expensive for international buyers, which often puts downward pressure on prices.

International Gold and Silver Prices

In the global market:

• Spot gold was trading around $4,461.02 per ounce
• Spot silver stood near $74.96 per ounce

International market movements continue to directly impact domestic bullion prices in India.

Gold Rates in Major Indian Cities Today

Here are the latest gold prices recorded across major cities on May 28:

City	22-Carat Gold Price (₹ per 10 gm)	24-Carat Gold Price (₹ per 10 gm)
Delhi	₹1,45,240	₹1,58,430
Mumbai	₹1,45,090	₹1,58,280
Ahmedabad	₹1,45,140	₹1,58,330
Chennai	₹1,46,490	₹1,59,810
Kolkata	₹1,45,090	₹1,58,280
Hyderabad	₹1,45,090	₹1,58,280
Jaipur	₹1,45,240	₹1,58,430
Bhopal	₹1,45,140	₹1,58,330
Lucknow	₹1,45,240	₹1,58,430
Chandigarh	₹1,45,240	₹1,58,430

Delhi Gold Price Update

In the national capital, gold prices saw another decline during morning trading hours.

Delhi Gold Rates

• 22-carat gold: ₹1,45,240 per 10 grams
• 24-carat gold: ₹1,58,430 per 10 grams

Bullion traders in Delhi noted that weaker international cues and lower investor demand contributed to the fall in prices.

Mumbai and Kolkata Gold Rates

Gold prices in Mumbai and Kolkata remained almost identical.

Mumbai and Kolkata Rates

• 22-carat gold: ₹1,45,090 per 10 grams
• 24-carat gold: ₹1,58,280 per 10 grams

Both cities witnessed softer market activity compared to previous sessions.

Chennai Continues to Record Higher Gold Rates

Among major metro cities, Chennai continued to report relatively higher gold prices.

Chennai Gold Rates

• 22-carat gold: ₹1,46,490 per 10 grams
• 24-carat gold: ₹1,59,810 per 10 grams

Regional taxes, transportation costs, and local market demand often contribute to price differences between cities.

Pune and Bengaluru Gold Prices

Gold prices in Pune and Bengaluru remained close to Mumbai market rates.

Pune and Bengaluru Rates

• 22-carat gold: ₹1,45,090 per 10 grams
• 24-carat gold: ₹1,58,280 per 10 grams

Silver Prices Also Decline

Along with gold, silver prices also moved lower in domestic markets.

According to the latest bullion market data:

• Silver price stood at ₹2,84,900 per kilogram on May 28 morning

A day earlier, silver prices in Delhi’s bullion market had reportedly fallen sharply by ₹3,300 per kilogram.

Interestingly, silver had crossed the ₹4 lakh per kilogram mark earlier this year in January, making the current decline significant for investors and industrial buyers alike.

Experts Remain Cautious About Short-Term Gold Movement

Commodity analysts believe gold prices may continue to remain volatile in the near future due to global geopolitical uncertainty and changing expectations around US interest rates.

If inflation remains elevated globally and the US Federal Reserve continues its strict monetary policy stance, precious metals could face additional pressure.

However, experts also point out that gold traditionally remains a preferred long-term hedge during periods of economic instability and geopolitical conflict.

Should Buyers Purchase Gold Now?

Market experts suggest that long-term investors and jewellery buyers should closely monitor price trends over the coming weeks.

The recent correction in gold rates may offer an opportunity for buyers planning purchases for:

• Weddings
• Festive season
• Long-term investment
• Portfolio diversification

At the same time, investors are advised to avoid making decisions purely based on short-term market fluctuations.

Disclaimer: Gold and silver prices change frequently based on international markets, taxes, and local demand. Investors and buyers should check live market rates before making any purchase or investment decision.

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