Gold Rates & Silver Rates Today (23-05-2026) Live: India Gold Falls By Rs 4,300, 24K Drops Most In Chennai

Gold rates in India dropped by up to Rs 4,300 per 100 grams on May 23, while silver rates in the country were unchanged. This is after spot gold recorded its second consecutive weekly decline due to elevated crude oil prices amidst inflation woes. Crude is currently at 4-year highs and investors are cautious in global and MCX markets over the US-Iran peace negotiations, as both countries have stalled so far.

MCX gold dropped below Rs 1.59 lakh mark on Friday, while silver closed the week below Rs 2.72 lakh per 1Kg level. Meanwhile, spot gold slipped by nearly 1% yesterday to hold around $4,516 per ounce and spot silver took the worst hit with nearly 2% decline to below $76 per ounce.

On the other hand, crude oil prices surged by 1% to 2%. US WTI Crude rose to $97 per barrel and Brent Crude held near $104 per barrel.

Iranian media reported that Iran's foreign minister met Pakistan's interior minister on Friday to discuss proposals to end the war, while US Secretary of State Marco Rubio noted "slight progress" in mediated talks but warned that Washington and Tehran were "not there yet" on a peace deal. The prolonged conflict and inflation pressures led markets to price in a Federal Reserve rate hike before year-end, with about a 55% chance of at least one 25-basis-point increase by October. Supporting this view, Fed Governor Christopher Waller signaled he no longer believed the central bank should maintain an easing bias in its policy statement, as per Trading Economics.

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May 23, 2026, 2:16 pm IST

Oil Prices Today Live Updates: Brent Crude Near 4

Brent crude futures were around 3.94 a barrel on Friday, after rising to as high as 6 early in the session, as renewed hopes emerged that the US and Iran could reach a diplomatic agreement. US Secretary of State Marco Rubio said there had been “slight progress” in mediated talks with Iran, as per Trading Economics.

May 23, 2026, 2:12 pm IST

Oil Prices Today Live Updates: US WTI Crude Ends This Week At

US WTI Crude oil futures closed the week at around per barrel, trimming some of its early gains of 3% on May 22. As per Trading Economics, US Secretary of State Marco Rubio said there had been “slight progress” in mediated talks with Iran. Tehran is currently reviewing the latest US proposal delivered through Pakistan, although no timeline has been provided for an official response. Despite the renewed optimism, uncertainty persists over whether the conflict can be resolved and whether the Strait of Hormuz can fully reopen, leaving investors highly sensitive to mixed signals from both sides.

May 23, 2026, 2:11 pm IST

Silver Rates Today Live Updates: Spot Silver Takes Worst Hit This Week

Silver prices declined to .7 per ounce on Friday, amid mounting inflation concerns driven by elevated oil prices and growing expectations of a US interest rate increase this year. Oil prices remained close to four-year peaks as investors doubted the likelihood of a breakthrough in US-Iran peace negotiations, as per Trading Economics.

May 23, 2026, 2:10 pm IST

Gold Rates Today Live Updates: Spot Gold Records 2nd Weekly Decline

Spot Gold fell to ,500 per ounce on Friday, heading for a second consecutive weekly decline, as elevated oil prices fueled inflation concerns and boosted expectations for a US interest rate hike this year. Crude held near four-year highs as investors remained cautious about the prospects for a breakthrough in US-Iran peace talks, as per Trading Economics.

May 23, 2026, 2:09 pm IST

Gold Rates & Silver Rates Today Live Updates: Spot Gold & Spot Silver Outlook For Next Week

Gold broke below ,500 and silver slipped under as escalating US-Iran tensions amplified inflation fears and raised rate-hike expectations. President Trump's warning of potential strikes within days — with Iran's nuclear programme the central dispute — kept the Strait of Hormuz closed, lifting oil prices and deepening inflationary pressure. Traders further trimmed Federal Reserve rate-cut bets, with some now pricing in a hike before year-end. Technically, gold targets the ,350 March low, while the broader uptrend above ,300 remains intact. Silver faces extended downside toward and following its break below key support: Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions.

May 23, 2026, 2:07 pm IST

Gold Rates Today Live Updates: Precious Metals Weekly Outlook

Gold prices traded slightly weak as COMEX Gold stabilized near 35, but strong rupee appreciation added pressure on domestic bullion prices. MCX Gold declined around ₹400 to ₹159200, as the rupee strengthened nearly 0.70%, reducing the impact of global gold prices on the domestic market. Positive signals around ongoing US–Iran proposal discussions are helping COMEX gold hold support near the 00 zone, though uncertainty around the final outcome continues to keep volatility elevated. Going ahead, gold movement will continue to depend on US–Iran developments, dollar index movement, and rupee volatility, which remain the key drivers for bullion sentiment: Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.