Gold prices remained elevated today (Tuesday, May 12, 2026), with leading jewellery brands reporting upward trends in 22k gold rates across major cities. After Prime Minister Narendra Modi urged citizens to temporarily reduce non-essential gold purchases for the next one year to help ease pressure on India’s foreign exchange reserves and imports, the India Bullion and Jewellers Association (IBJA) called for policy changes to better utilise domestic gold holdings.
IBJA in a social media post on X said, “India’s current Account deficit (#CAD) is linked to the Income Tax Act. Amend the Income Tax Act to allow borrowing and lending of commodities (Gold). Currently a holder of household gold can not lend gold to jewellers of his choice as the Income Tax Act does not permit this. India needs a regulated exchange platform for lending and borrowing of gold similar to equity lending and borrowing which is already permitted.
Outlook on gold
Prithviraj Kothari, managing director, RiddiSiddhi Bullions Ltd., president, IBJA, "Silver surged over 6% to a near two-month high as US-Iran negotiations deteriorated, with President Trump rejecting Tehran's peace proposal and labeling the ceasefire "massive life support." Weekend Middle East strikes further strained diplomatic efforts, keeping the Strait of Hormuz blocked and oil prices elevated. Inflation concerns intensified as Fed rate-cut expectations narrowed, with markets now pricing limited or no easing through 2026. Investors await Tuesday's US CPI data and Trump's meeting with President Xi. Technically, gold targets $4,800–4,850, while silver consolidates near $85 before a potential move toward $90."
Also Read: What should you do with your gold investments after PM Modi urges people to postpone gold purchases?
Gold prices today (May 12, 2026)
Check the latest gold prices at leading jewellery brands such as Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers and Joyalukkas today. Also see the latest retail jewellery prices of gold and silver at IBJA.
22k gold price at Tanishq today
Tanishq's current price for 22k gold jewellery is Rs 14,160 per gram as of May 12, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price is up by Rs 170 compared to Monday.
22k gold rate at Joyalukkas today
The current price for 22k gold jewellery at Joyalukkas is Rs 14,115 per gram as of May 12, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price of the same variety of gold on May 11, 2026 was Rs 13,945.
22k gold rate at Kalyan Jewellers today
The latest price for 22k gold jewellery at Kalyan Jewellers is Rs 14,115 per gram as of May 12, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price of the same variety of gold on May 11, 2026 was Rs 13,945.
22k gold price at Malabar Gold & Diamonds
Malabar Gold & Diamonds' latest price for 22k gold jewellery is Rs 14,115 per gram as of May 12, 2026, in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The price of the same variety of gold on May 11, 2026, was Rs 13,945.
IBJA indicative retail selling rates for gold jewellery on May 12, 2026 (AM) are:
- Fine Gold (999): Rs 15,195 per gram
- 22 KT Gold: Rs 14,831 per gram
- 20 KT Gold: Rs 13,524 per gram
- 18 KT Gold: Rs 12,308 per gram
- 14 KT Gold: Rs 9,801 per gram
- Silver (999): Rs 2,67,820 per kg
IBJA indicative retail selling rates for gold and silver jewellery on May 11, 2026 (PM) are:
- Fine Gold (999): Rs 15,036 per gram
- 22 KT Gold: Rs 14,675 per gram
- 20 KT Gold: Rs 13,882 per gram
- 18 KT Gold: Rs 12,179 per gram
- 14 KT Gold: Rs 9,698 per gram
- Silver (999): Rs 2,56,200 per kg
