Gold prices in India saw a big correction on May 16, 2026, as global macroeconomic factors, a strong US dollar and rising US Treasury yields weighed on gold prices. The national retail price of 24-karat gold was ₹1,57,900 per 10 grams, while the most popular 22-karat gold dropped to ₹1,44,740 per 10 grams, according to the daily data published by the India Bullion and Jewellers Association (IBJA). In the meantime, 18-karat gold with less purity was sold at around ₹1,18,420 per 10 grams. The downward momentum was heavily reflected in the retail showrooms of leading jewelry giants nationwide. At Tanishq, 22-karat gold was at ₹143,950 per 10 grams and 24-karat gold at ₹157,040. Leading big chains like Malabar Gold & Diamonds and Joyalukkas had pegged their rates close to each other with 22-karat gold being sold at ₹1,43,500 per 10 grams in many states. Meanwhile, Kalyan Jewellers revised the daily rate to ₹1,43,850 per 10 grams for 22-karat jewellery. While geopolitical tensions in the Middle East continue to provide structural support for safe-haven assets, profit-booking at higher price points and strict domestic import tariffs have created short-term headwinds for physical buyers, market experts say. Customers should note that base rates do not include localized making charges and the standard 3 per cent Goods and Services Tax (GST), and final billing amounts will vary at individual retail outlets.
Gold Prices Decline: Check 24K, 22K, 18K Retail Prices From Leading Indian Jewellers
