Gold and Silver Prices Dip on May 16, 2026, Amidst Market Volatility

Gold and silver prices saw a dip on Saturday, May 16, 2026. This followed a volatile week where rates fluctuated sharply. Factors like rising US inflation and anticipated interest rate hikes influenced the market. Local factors also played a role, including government duty increases. Consumers can check rates at major jewellers like Tanishq and Malabar Gold & Diamonds.

Gold prices dipped on Saturday, May 16, 2026, in a volatile week that saw gold silver prices changing sharply. Gold and silver prices shot up after Prime Minister Narendra Modi appealed from Indians to delay their purchases and after the central government increased customs duty on both precious metals.

However, gold and silver rates softened across major jewellery brands amid pressure from rising US inflation and expectations of higher interest rates.

Prithviraj Kothari, managing director, RiddiSiddhi Bullions Ltd., president, India Bullion and Jewellers Association Ltd. (IBJA), said, gold faces a modest weekly decline while silver slipped below $82, weighed down by persistent US inflation and renewed rate hike expectations.

Kothari further says April data showed wholesale and consumer prices in India rising at their fastest pace since 2022 and 2023 respectively, driven largely by the Iran conflict and Strait of Hormuz closure, disrupting global energy flows. “Markets have fully priced out Fed cuts for 2025, with some now betting on a December hike. India tightened gold import norms, raising effective duty to 18.45%. Technically, gold holds $4,500–$4,780 range while silver finds support at $80,” says Kothari.

Amid such local and global micro and macro economic factors, check the latest gold prices at leading jewellery brands such as Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers and Joyalukkas today. Also see the latest retail gold and silver jewellery prices at IBJA.

22k gold price at Tanishq today

Tanishq's current price for 22k gold jewellery is Rs 14,395 per gram as of May 16, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price of the same variety of gold on May 15, 2026, was Rs 14,595.

22k gold rate at Joyalukkas today

The current price for 22k gold jewellery at Joyalukkas is Rs 14,350 per gram as of May 16, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price of the same variety of gold on May 15, 2026 was Rs 14,550.

22k gold rate at Kalyan Jewellers today

The latest price for 22k gold jewellery at Kalyan Jewellers is Rs 14,385 per gram as of May 16, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru.

22k gold price at Malabar Gold & Diamonds

Malabar Gold & Diamonds' latest price for 22k gold jewellery is 14,350 per gram as of May 16, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price of the same variety of gold on May 15, 2026 was Rs 14,550.

Note: All rates are updated as per jewellery brands' respective websites at 2:41 pm, May 16, 2026. The rates may change during the day and can vary depending on a state, tax structures and other applicable charges.

IBJA’s indicative retail selling rates for gold jewellery – May 15, 2026 (PM rates). IBJA does not update rates on weekends.

Gold Purity Rate

Fine Gold (999) Rs 15,821 per gram

22 KT Gold Rs 15,441 per gram

20 KT Gold Rs 14,081 per gram

18 KT Gold Rs 12,815 per gram

14 KT Gold Rs 10,205 per gram

Silver Rate

Silver (999) Rs 2,68,500 per kg