India · INR · May 2024
Gold Price in India — May 2024
In May 2024, the gold price in India closed at approximately ₹201,877 per troy ounce, equivalent to ₹75,705 per tola or ₹6,490 per gram. This represents a +0.37% change on the month (₹201,142 open → ₹201,877 close).
Open
₹201,142
per troy ounce
Close
₹201,877
per troy ounce
High
₹209,611
per troy ounce
Low
₹198,539
per troy ounce
All unit prices at May 2024 close — India
| Unit | Weight | Closing INR price |
|---|---|---|
| Troy ounce | 31.1035 g | ₹201,877 |
| Gram | 1.0000 g | ₹6,490 |
| 10 grams | 10 g | ₹64,905 |
| Kilogram | 1,000 g | ₹6,490,498 |
| Tola | 11.664 g | ₹75,705 |
Karat-purity breakdown at May 2024 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ₹6,484 | ₹75,629 |
| 22KINDIA STD | ₹5,945 | ₹69,346 |
| 21K | ₹5,679 | ₹66,242 |
| 18K | ₹4,868 | ₹56,779 |
| 14K | ₹3,797 | ₹44,288 |
| 10K | ₹2,707 | ₹31,569 |
Daily gold price in INR — May 2024
May 2024 gold market: Fresh record near $2,450
BullishAnother record as gold entered open-ended price discovery.
Gold set another record around $2,450 in May, supported by softening US data, renewed rate-cut hopes, and continued central-bank and Asian demand. The metal was now firmly in price-discovery mode with few historical reference points.
What drove gold in May 2024
- softening US economic data
- rate-cut hopes rebuilding
- central-bank and Asian demand
- price discovery above all prior records
Key events in May 2024
- May 20Gold prints a record near $2,450/oz
What happened next
After a summer consolidation, gold cleared $2,500 in August.
For gold buyers in India
May's record near $2,450 rewarded conviction holders; with no overhead resistance, the trend remained a buyer's friend.
The 2024 gold market: Above $2,500 — breakout to new highs
2024 saw gold break decisively above $2,000 and reach $2,790 by year-end. Central-bank buying continued at record pace. Geopolitical tensions (Middle East, Ukraine) and Fed rate cuts beginning in September drove the rally. Year close: $2,624.
Key drivers in 2024
Fed cuts begin, central-bank buying records, BRICS expansion, Middle East tensions, USD weakness
2024 XAU/USD high
$2,790 (Oct)
2024 XAU/USD low
$1,991 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The India gold market
India is the world's second-largest retail gold consumer behind China. Retail prices are quoted per 10 grams in 22-karat purity (the jewellery standard). Imports attract a basic customs duty (currently around 12.5%) plus 3% GST, plus state-level taxes — so retail rates run notably above international spot. The Indian Bullion and Jewellers Association (IBJA) publishes a daily reference rate that most regional jewellers benchmark against.
Standard quote unit
10 grams
Common purity
22K
Currency
INR (₹)
Daily gold price — May 2024, India
₹201,142
$2,351.13/oz
₹199,036
$2,326.52/oz
₹198,539
$2,320.71/oz
₹199,525
$2,332.23/oz
₹199,525
$2,332.23/oz
₹199,332
$2,329.98/oz
₹198,610
$2,321.53/oz
₹200,910
$2,348.43/oz
₹203,489
$2,378.56/oz
₹202,290
$2,364.56/oz
₹202,290
$2,364.56/oz
₹201,876
$2,359.71/oz
₹204,637
$2,391.99/oz
₹205,110
$2,397.52/oz
₹207,272
$2,422.79/oz
₹209,611
$2,450.13/oz
₹209,611
$2,450.13/oz
₹208,231
$2,434.00/oz
₹207,600
$2,426.62/oz
₹203,936
$2,383.79/oz
₹200,835
$2,347.54/oz
₹201,778
$2,358.57/oz
₹202,258
$2,364.18/oz
₹202,258
$2,364.18/oz
₹202,025
$2,361.45/oz
₹201,208
$2,351.91/oz
₹201,877
$2,359.73/oz
How India gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The INR/USD exchange rate comes from exchangerate-api.com's 2024 year-end snapshot.
Conversion. Every INR figure on this page is computed as XAU/USD price × INR/USD rate. We use the year-end exchange rate consistently across all May 2024 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in India, add the country-specific levies described in the “Indiagold market” section above.
FAQ — India gold price in May 2024
What was the gold price in India in May 2024?
In May 2024, gold in India opened at ₹201,142/oz and closed at ₹201,877/oz — a move of +0.37% on the month. Per tola: ≈₹75,705; per gram: ≈₹6,490; per 10g: ≈₹64,905.
What was the 24K gold rate per tola in India in May 2024?
The 24K gold rate per tola in India at the May 2024 close was approximately ₹75,705, derived from international XAU/USD spot of $2,359.73/oz times the 2024-end INR/USD exchange rate of 85.5512. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 22K gold rate per 10 grams in India in May 2024?
India's most-quoted retail standard is 22K per 10 grams. At the May 2024 close, that worked out to approximately ₹59,453 (22K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
INR prices on this page are computed from the verified international XAU/USD spot price for May 2024 (sourced from gold-api.com), multiplied by the 2024-end INR/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ₹ figures here represent the international gold spot price converted to INR at the 2024-end exchange rate. India's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in India? See live gold prices in India with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2024 archive or the USD-only May 2024 page with the country-by-country list at the bottom.
Other markets? Compare May 2024 prices across other major gold-trading countries: Pakistan, United Arab Emirates, Saudi Arabia, United States, United Kingdom.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to INR at the 2024-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in India before transacting.