Gold Rates Today Crash Most This Week By Rs 22,500; 24K, 22K, 18K Gold In Chennai, Hyderabad On Eid Al-Adha

Gold rates in India dropped the most this week on May 28, 2026, during the celebration of Eid Al-Adha across the globe. 24-carat gold nosedived by nearly Rs 22,500 in cities like Hyderabad, Mumbai, Bengaluru, Pune, Kolkata, and Kerala but was down by almost Rs 16,500 in 100 grams in Chennai. On Thursday, MCX gold is closed for a half-day and will resume trading for the evening session from 5:00 pm onward. On the other hand, spot gold and spot silver crashed steeply after fresh US strikes on Iranian military sites.

Gold Rates In Chennai

100 grams gold price crashed by Rs 16,400 in 24 carat to Rs 15,81,800, plunged by Rs 15,000 to Rs 14,50,000 in 22 carat, and nosedived by Rs 13,000 to Rs 12,16,000 in 18 carat.

Further, 10 grams gold declined by Rs 1,640 to Rs 1,58,180 in 24 carat, tumbled by Rs 1,500 to Rs 1,45,000 in 22 carat and slipped by Rs 1,300 to Rs 1,21,600 in 18 carat.

The price of 8 grams gold also declined by Rs 1,312 to Rs 1,26,544 in 24 carat, plummeted by Rs 1,200 to Rs 1,16,000 and tumbled by Rs 1,040 to Rs 1,040 in 18 carat.

The cheapest gold is of 1 gram which stood at Rs 15,818 in 24 carat, at Rs 14,500 in 22 carat and at Rs 12,160 in 18 carat. 1 gram gold is down by Rs 130 to Rs 164 on May 28th alone.

Gold Rates In Hyderabad

100 grams gold declined the most. On May 28, 100 grams gold crashed steeply by Rs 22,300 to Rs 15,60,600 in 24 carat, and nosedived by Rs 20,500 in 22 carat to Rs 14,30,500. But in 18 carat, gold was down by Rs 16,800 to Rs 11,70,400.

In case of 8 grams, 24 carat gold is lower by Rs 1,784 to Rs 1,24,848, while 22 carat gold is down by Rs 1,640 to Rs 1,14,440 and 18 carat gold plunged by Rs 1,344 to Rs 93,632.

Moreover, gold rate stood at Rs 15,606 per 1 gram in 24 carat, at Rs 14,305 per 1 gram in 22 carat and at Rs 11,704 per 1 gram in 18 carat. This gold was down by Rs 168 to Rs 223.

Gold Rates In India

As per Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd, US strikes on southern Iran have extinguished near-term peace hopes, lifting oil prices and reigniting inflation concerns. For gold and silver, the geopolitical flare-up is a double-edged development - safe-haven demand is offset by a stronger dollar and rising bond yields.

Accordingly, precious metals crashed in India, tracking global trends. At the time of writing, spot gold traded below $4,400 per ounce, declining by more than 1.5%. While spot silver plunged by nearly 1.5% as well to below $74 per ounce. On the other hand, crude oil prices rallied by nearly 2% with US WTI Crude futures trading near $91 per barrel and Brent Crude performing near $97 per barrel.

Further, US dollar strengthened to near 99.3 mark owing to heightened tensions in Middle East. The US Treasury yield of 10-years rose above 4.5%, snapping out of its five-consecutive days decline.

Going ahead, in Kothari's opinion, President Trump signalled talks continue but warned of further strikes if negotiations fail. Bond markets have sharply repriced Fed expectations, now pricing a 40% probability of a December rate hike and 60% odds of no cuts in 2026, reinforced by April PPI at 6% annualised. Gold holds $4,450-$4,600; silver oscillates between $72-$78.50.

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