Gold Rates & Silver Rates Today (16-05-2026) Live Updates: Physical Gold & Silver Prices Fall By Rs 10,000

Gold rates and silver rates in India extended their fall on May 16, 2026. 24 carat gold price almost dropped by Rs 10,000 on Saturday in 100 grams, while silver price plunged by Rs 10,000 to hit Rs 2.80 lakh per 1Kg mark. 10 grams gold is below Rs 1.57 lakh mark.

This comes after MCX gold and silver price recovered heavy losses in the late evening session of Friday, May 15, 2026. MCX gold which had dropped by over 2% in the Friday session, recovered to close around Rs 1,58,450 per 10 grams. While MCX silver price which had crashed by 8% in day trade of Friday, recorded to close at Rs 2,74,388 per 1Kg.

However, weekly performance of precious metals are bearish. Spot gold ended the week around $4,547 per ounce but with a weekly decline of 4%. Meanwhile, spot silver closed the week at $75.75 per ounce.

A series of events and data played a key role in toppling gold and silver prices. For instance, US producer, import, and export prices surged at its fastest space since 2022 in April, while US inflation recorded its highest level in April since 2023. This is due to prolonged US-Israel-Iran war and the ongoing shutdown of Strait of Hormuz. {live-blog}

Markets have now fully priced out the chance of a Federal Reserve rate cut this year, with some traders even wagering on a potential hike by December. Adding to the pressure, UBS strategists slashed their full-year investment demand from over 400 million ounces to 300 million ounces, amid weaker industrial usage, and increased mine supply. The bank also expects the silver market's supply deficit to shrink dramatically to around 60-70 million ounces, down from a previous estimate of 300 million ounces, as per Trading Economics.

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