Gold and silver prices in the international market continue to be shaped by geopolitical developments surrounding the US-Iran conflict, crude oil price movements, and their potential impact on inflation. Domestically, higher import duties on gold and silver are likely to keep demand constrained. Analysts expect gold and silver prices to move in a range-bound manner over the next few days, even as the yellow metal's safe-haven status remains intact.
Live Gold and Silver Rates
As of 8:20 AM IST on May 20, 2026, the 22K gold rate stands at Rs 14,410 per gram, silver is at Rs 2,850 per 10 grams, and platinum is at Rs 60,750 per 10 grams.
Brokerages Bullish on Gold
Brokerages remain optimistic about gold's long-term trajectory despite recent price softness. Higher bond yields, persistent inflation worries, and a stronger US dollar have created near-term pressure. While several financial institutions have lowered short-term price projections due to weaker investor participation and expectations of elevated interest rates, analysts broadly anticipate a recovery in gold prices through 2026, according to Reuters.
Global Developments
US President Donald Trump stated on Tuesday that Washington could still launch another strike on Iran, adding that he came within an hour of authorizing military action before deciding to delay. US Vice President JD Vance noted that talks between Washington and Tehran had progressed significantly and that neither side was interested in restarting military operations.
Philadelphia Federal Reserve Bank President Anna Paulson said on Tuesday that current interest rate levels remain suitable for now, as they help contain inflation while price pressures remain elevated. She noted that it was reasonable for markets to factor in the possibility of further rate increases.
Among other precious metals, spot silver climbed 1% to $74.55 per ounce, platinum edged up 0.2% to $1,926.70, and palladium advanced 0.9%.
Why Gold Rose in Domestic Market
Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said gold prices in the domestic market rebounded after hopes of renewed negotiations between the US and Iran improved market sentiment and reduced fears of prolonged inflation caused by elevated energy prices. He added that investor confidence strengthened after President Trump announced that a proposed military strike on Iran had been put on hold, signaling that a diplomatic solution could still be possible.
International Gold Prices Move Up
Gold prices edged slightly higher on Wednesday as growing optimism around a possible peace deal between the US and Iran eased fears of persistent inflation and prolonged elevated interest rates. Spot gold gained 0.4% to reach $4,499.69 per ounce by 0059 GMT, after slipping to its weakest level since March 30 in the previous session. US gold futures for June delivery were down 0.2% at $4,502.30.
Gold Price Round-Up on Tuesday
Gold prices staged a recovery on Tuesday, climbing Rs 800 to reach Rs 1.63 lakh per 10 grams in the national capital, as optimism surrounding possible progress in US-Iran talks helped ease inflationary worries. Gold of 99.9% purity increased by Rs 800 to Rs 1,63,600 per 10 grams, inclusive of taxes, compared with Monday's closing of Rs 1,62,800.
Silver, however, witnessed a sharp decline, falling by Rs 5,000 to Rs 2,71,000 per kilogram, inclusive of taxes, amid subdued industrial demand and weak global cues.
Outlook
Gold and silver prices are likely to remain volatile in the near term due to uncertainty surrounding global interest rates, crude oil movements, and geopolitical developments in West Asia. According to a Reuters poll, most economists expect the US Federal Reserve to avoid cutting interest rates this year, with many shifting earlier rate cut forecasts into next year on hopes that the current inflation spike may prove temporary.
Investors are now awaiting the release of minutes from the Federal Reserve’s April policy meeting for additional signals on the central bank’s future monetary policy direction.
