Prices for precious metals weakened on Monday, May 18, 2026, when gold and silver futures on the Multi Commodity Exchange (MCX) dropped as geopolitical tensions, higher crude oil prices and concerns over inflationary pressure weighed upon sentiment.
The decline in bullion prices was a sign that investors are cautious in a more open economy on both domestic and global markets. Analysts said rising oil-price pressures and global uncertainty remain critical factors impacting trading patterns for commodities and market volatility.
Gold Prices on MCX
The June 5 gold futures contract traded on Multi Commodity Exchange opened trade 0.29 per cent lower at Rs 1,58,076 per 10 g from its last close of Rs 1,58,547.
The yellow metal was dragged down for a day with an intra-day trough of Rs 1,57,547 or a drop of nearly Rs 1,000 or 0.63 per cent. But prices subsequently rebounded somewhat, partly from buying at such cheaper levels.
At the most recent update, gold futures were fetching Rs 1,58,681 per 10 grams, up Rs 134 or 0.08 per cent from the initial level. Gold also hit a record of Rs 1,58,884 at intraday.
Silver Prices on MCX
Silver futures also faced substantial sell-off pressure. The July 3, 2026, silver contract opened at Rs 2,67,400 per kilogram compared with the previous close of Rs 2,71,886, a dramatic drop of Rs 4,486 or 1.64 per cent. The white metal slipped still further to an intraday low of Rs 2,64,949 per kg after the close, down Rs 6,937 or 2.55 per cent from the last close.
International Gold Market
Gold prices in the global market, most notably on the COMEX, were also volatile. COMEX gold futures lost 0.41 per cent to around USD 1,943.1 per troy ounce. Spot gold prices benefited from a slight recovery in mid-session trading though. At around 11:20 a.m. Spot gold was trading at USD 1,937.46 per ounce, up USD 6.38, or 0.14 per cent. Market analysts say uncertainty about global economic conditions and geopolitics has a negative impact on investor behaviour in precious metals.
Key Levels to Watch
Gold prices are now trading between one of the most vital technical ranges, explains Ponmudi R, chief executive of Enrich Money. “An immediate resistance is Rs 1,59,000–Rs 1,59,500. Sustained moves above this zone might re-establish bullish momentum and push prices up to Rs 1,60,500-Rs 1,61,000. The downside is that Rs 1,58,000–Rs 1,57,500 acts as immediate support while probable weakness is towards Rs 1,56,000–Rs 1,55,000.”
Gold Prices Across Major Indian Cities
Delhi
- 24-carat gold: Rs 1,56,370 per 10 grams.
- 22-carat gold: Rs 1,43,350 per 10 grams.
Mumbai
- 24-carat gold: Rs 1,56,220 per 10 grams.
- 22-carat gold: Rs 1,43,200 per 10 grams.
Kolkata
- 24-carat gold: Rs 1,56,220 per 10 grams.
- 22-carat gold: Rs 1,43,200 per 10 grams.
Chennai
- 24-carat gold: Rs 1,60,910 per 10 grams.
- 22-carat gold: Rs 1,50,500 per 10 grams.
Silver Prices in Major Cities
Delhi
- Silver price: Rs 2,90,000 per kg.
Mumbai
- Silver Price: Rs 2,90,000 per kg.
Kolkata
- Silver Price: Rs 2,90,000 per kg.
Chennai
- Silver price: Rs 3,00,000 per kg.
Investors are also monitoring crude oil moves, geopolitical changes, inflation trends, and US Federal Reserve signals at an unprecedented level with regard to bullion prices.
