Gold flat for a third month, silver up 4% in May 2026

Three months, one price

Gold closed May 2026 at ₹1,40,829 per 10 grams. It closed April at ₹1,40,824 and March at ₹1,40,990. Three month-ends in a row within ₹166 of each other, a spread of about 0.1%.

Silver did move. It rose 4.06% in May, from ₹2,24,399 to ₹2,33,504 per kg, and the path between those two numbers was anything but flat.

All prices are the international price (the COMEX futures close) converted to rupees at each day's dollar rate, from our gold and silver price page. Gold is for pure metal. Both are before import duty and GST.

Silver's round trip

Silver spent the first two weeks of May climbing, then gave much of it back in two days:

• It made its low of the month on 4 May, ₹2,22,957.
• It rose 6.53% on 11 May and 4.68% on 13 May, closing that day at ₹2,73,301, its highest close since 29 January and 22.6% above the 4 May low.
• It then lost 4.41% on 14 May and 9.11% on 15 May, falling to ₹2,37,436, down 13.1% in two sessions.

The second half of the month was quiet by comparison, and silver finished at ₹2,33,504. The gold-silver ratio followed the same arc: it fell to 52.85 on 13 May, its lowest since January, and ended the month at 60.31, against 62.76 at the end of April.

Gold's narrow month

Gold's range was the tightest of 2026 so far. Its high, ₹1,44,439 on 13 May, was its best close since 17 April; its low, ₹1,37,135 on 27 May, came two weeks later. From low to high that is 5.3%, against 6.5% in April and 17.6% in March.

Its biggest moves were a 2.69% rise on 6 May and a 2.60% fall on 15 May, the day silver dropped 9%.

The year so far

Five months in, gold is up 12.80% for the year and silver 15.36%. Gold is 10.5% below its January peak and silver 31.0% below its own.

The Nifty 50 fell 1.87% in May, from 23,997.55 to 23,547.75. A small fall in equities and a flat month for gold: neither tells much about the other.

The rupee lifted the rupee price

The dollar rose 1.19% against the rupee in May, from about ₹94.92 to ₹96.05. That weaker rupee is what kept gold level in rupees: in dollar terms gold fell about 1.2% over the month. Silver's 4.06% rupee gain was about 2.8% in dollars.

June began badly for both. On 1 June gold fell 2.94% to ₹1,36,691 and silver 1.88% to ₹2,29,103.

What this does not tell you

Flat month-ends hide the ride. Gold's three matching closes came with daily moves of 2% to 5% in between; silver's 4% gain came with a 13% fall inside it.

Some of the rupee price is the currency. A weakening rupee adds to the rupee price of both metals, and May was a month when that mattered.

Spot is not what you pay. Retail prices add import duty, 3% GST and making charges, and gold funds and ETFs track the domestic price and charge an expense ratio.

Where to go from here

The gold and silver price page has today's rates and both charts. For the ratio's fall in mid-May, see the gold-silver ratio in May 2026; for the month before, gold and silver in April 2026. For the rupee's own path, see the rupee against the dollar in May.

The guide to gold funds and ETFs compares ways to hold the metal.