Silver prices witnessed a sharp decline on the Multi Commodity Exchange (MCX) on Tuesday, May 19, 2026, falling by Rs 3,000 per kilogram. In contrast, gold prices registered a modest gain, providing a mixed outlook for precious metals in the domestic market.
Silver Takes a Hit
The white metal opened lower and continued to slide throughout the trading session, eventually settling at Rs 72,500 per kg, down from the previous close of Rs 75,500 per kg. This represents a decline of nearly 4% in a single day. Market analysts attribute the fall to profit booking after a recent rally and a stronger US dollar index, which put pressure on commodity prices globally.
Gold Bucks the Trend
Gold, on the other hand, managed to eke out a minor gain. The yellow metal rose by Rs 150 per 10 grams, closing at Rs 62,350 per 10 grams for 24-carat purity. The slight uptick was supported by safe-haven buying amidst geopolitical uncertainties and expectations of a pause in interest rate hikes by central banks.
City-Wise Precious Metal Rates
Here are the rates for gold and silver in major Indian cities on May 19, 2026:
- Delhi: Gold (24K) – Rs 62,450/10g, Silver – Rs 72,600/kg
- Mumbai: Gold (24K) – Rs 62,350/10g, Silver – Rs 72,500/kg
- Chennai: Gold (24K) – Rs 62,550/10g, Silver – Rs 72,800/kg
- Kolkata: Gold (24K) – Rs 62,400/10g, Silver – Rs 72,550/kg
- Bengaluru: Gold (24K) – Rs 62,300/10g, Silver – Rs 72,450/kg
Market Outlook
Analysts expect silver to remain volatile in the near term, with support at Rs 71,500 per kg and resistance at Rs 74,000 per kg. For gold, the trend is cautiously optimistic, with a potential upside towards Rs 63,000 per 10 grams if global cues remain favorable. Investors are advised to monitor the US dollar movement and Federal Reserve policy statements for further direction.
The drop in silver prices has also impacted silver ETFs and futures trading, with many retail investors booking losses. Meanwhile, jewelers reported a slight uptick in demand for gold as prices remained relatively stable.
