Gold Price Today –
28 May 2026
Crude oil has surged to $120 per barrel on fears of a US Strait of Hormuz blockade extension — pushing gold up 0.5%. India’s 24K gold is at ₹15,606/gram nationally (Delhi: ₹15,621/gram), up 62.25% year-on-year from ₹9,764/gram a year ago. US Q1 GDP data releases today — the most important macro event of the week. UAE has exited OPEC+. Here is your complete Thursday morning gold brief.
Crude Oil Jumps to $120/bbl — US Strait of Hormuz Blockade Extension Fears
Crude oil prices jumped to $120 per barrel on Thursday morning after investors traded cautiously amid reports of a possible US blockade extension at the Strait of Hormuz. This is on top of ongoing disruption from the US-Iran conflict that has kept the world’s most important oil shipping lane under pressure since late February. UAE’s simultaneous exit from OPEC+ has added another layer of supply-side complexity. Gold is up 0.5% in response — with higher oil directly fuelling the inflation-hedge bid for bullion.
Aaj ka sone ka bhav — Thursday, 28 May 2026. India’s 24K gold is at ₹15,606/gram (₹1,56,060/10g) nationally per Goodreturns, with Delhi at ₹15,621/gram and Upstox/IBJA at ₹15,843/gram. Gold is up 0.5% today as crude oil surges to $120/bbl on Hormuz blockade fears. The metal has gained an extraordinary 62.25% year-on-year from ₹9,764/gram on 28 May 2025. US Q1 GDP releases today — the data that could confirm or deny the stagflation scenario driving gold’s long-term bull market. Read everything you need below.
💰 Gold Rate Today India — 28 May 2026
Two major data sources confirm today’s India gold rates:
- Goodreturns (sourced from reputed jewellers nationally): 24K = ₹15,606/gram, 22K = ₹14,305/gram, 18K = ₹11,704/gram
- Upstox/IBJA (India Bullion and Jewellers Association benchmark): 24K = ₹15,843/gram — unchanged from last week’s ₹15,843, up 3.36% from April 28’s ₹15,328
The Goodreturns and Upstox figures differ because Goodreturns polls retail jewellers while Upstox tracks the IBJA daily rate — both are valid reference points. For jewellery purchases, use the Goodreturns retail rate. For investment tracking (ETFs, SGBs), use IBJA/Upstox.
Goodreturns live sidebar today: Sensex 75,867.80 (−0.19%) · Nifty 23,907.15 (−0.03%) · Silver ₹2,75,000/kg · Petrol ₹111.18 · Diesel ₹97.83 · LPG ₹912.50 · Crude Oil $94.79–$120/bbl (surging) · USD/INR ₹96.13. All gold rates exclude 3% GST and making charges. The wide crude oil range today ($94–$120) reflects intraday volatility from Hormuz blockade extension reports. India’s gold prices will continue to climb as long as crude remains elevated and the rupee stays weak.
🏙️ City-Wise Gold Rate Today — 28 May 2026
| City | 24K (₹/10g) | 22K (₹/10g) | 18K (₹/10g) | 24K/gram |
|---|---|---|---|---|
| Delhi | ₹1,56,210 | ₹1,43,200 | ₹1,17,190 | ₹15,621 |
| Mumbai | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Chennai | ₹1,57,810+ | ₹1,44,660+ | ₹1,18,360+ | ₹15,781+ |
| Kolkata | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Bengaluru | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Hyderabad | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Ahmedabad | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Pune | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Jaipur | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Lucknow | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Surat | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
| Patna | ₹1,56,060 | ₹1,43,050 | ₹1,17,040 | ₹15,606 |
*Rates from Goodreturns (28 May 2026). Exclude 3% GST and making charges. Delhi is ₹150/10g above national rates per Goodreturns city page. Chennai carries a traditional premium of ~₹1,750/10g. With crude oil jumping to $120 today and US GDP releasing, rates may change intraday. Verify with your local jeweller before purchase.
📊 MCX Gold Rate Today — Levels & Signals
MCX gold is expected to trade with a positive bias today, reflecting: (1) crude oil’s surge to $120/bbl boosting the inflation-hedge bid, (2) gold up 0.5% internationally, and (3) USD/INR at ₹96.13 adding a rupee-weakness premium. Estimated MCX trading range today: ₹1,56,500–₹1,60,000/10g.
With crude at $120 (inflation pressure), gold +0.5% internationally, and US GDP data releasing today — MCX gold has a mildly bullish bias. The ₹15,843/gram IBJA reference rate suggests the upper end of today’s MCX range is achievable if the GDP data confirms economic slowdown (stagflation scenario). A strong GDP print would cap the rally and push MCX back toward ₹1,55,000–₹1,56,000 support. Watch US GDP data release at approximately 6 PM IST.
🌍 International Gold Price — 28 May 2026
Globally, gold is up 0.5% today as crude oil’s spike to $120/bbl reignites inflation fears and safe-haven demand. The Upstox data for 28 May 2026 provides the key international context: crude oil prices topped $111/bbl recently amid UAE’s exit from OPEC+ and Strait of Hormuz disruption, then jumped to $120/bbl on Thursday after investors traded cautiously on reports of a possible US blockade extension at the Strait of Hormuz.
| Metric | Value | Context |
|---|---|---|
| Gold Today | Up 0.5% | Crude $120 inflation bid |
| Crude Oil (WTI) | $120/bbl | Hormuz blockade extension fears |
| Gold YoY India (Upstox) | +62.25% | ₹9,764 → ₹15,843 (28 May 2025 → 2026) |
| Gold 30-day India | +3.36% | ₹15,328 (28 Apr) → ₹15,843 (28 May) |
| LiteFinance May range | $4,380–$5,100/oz | Full month forecast band |
| LiteFinance H2 forecast | $5,400–$6,000/oz | Year-end target |
| ATH (28 Jan 2026) | $5,602.22/oz | APMEX all-time high |
| USD/INR | ₹96.13 | Goodreturns live |
| India Import Duty | 15% | Since 13 May 2026 |
🛢️ Crude $120 & Hormuz Blockade — Full Gold Impact Analysis
Crude oil at $120/bbl is a major inflation amplifier. Every $10 rise in crude adds roughly 0.3–0.5% to US CPI within 60–90 days (via petrol, diesel, freight, food). With US CPI already at 3.8% — a 2-year high — another crude spike could push inflation above 4%, making a Fed rate hike increasingly certain. Gold benefits as an inflation hedge as real yields fall.
The Strait of Hormuz handles 20% of global oil trade. A US blockade extension means sustained supply disruption — keeping oil structurally elevated for months. This eliminates the “peace deal = oil falls = inflation cools = gold dips” scenario that had been the primary near-term bear case for gold. A prolonged blockade is structurally bullish for gold throughout 2026.
UAE’s exit from OPEC+ introduces major uncertainty into global oil supply management. OPEC+ had decided to raise output targets for June 2026, but UAE’s departure weakens the cartel’s coordinated response capability. If other Gulf states follow UAE, OPEC+ fragmentation could either crash oil (bearish gold short-term) or cause a supply vacuum (bullish).
With crude at $94–$120 and petrol at ₹111.18, Indian consumers are feeling direct energy inflation every day. This keeps domestic physical gold demand structurally elevated — when cost-of-living rises, Indians historically turn to gold as a store of value. The India demand floor for gold remains strong despite the 15% import duty shock.
India’s Sensex falling 0.19% while gold edges higher confirms gold’s role as portfolio protection in inflationary, geopolitically uncertain times. When equities slip and gold rises simultaneously, it reinforces the case for maintaining gold allocation as portfolio insurance.
With crude at $120 and US CPI already at 3.8%, the Fed’s “higher-for-longer” stance becomes more credible — and a December 2026 rate hike probability rises further. Short-term bearish for gold via stronger dollar. But medium-term: if rate hikes cause a recession without taming inflation, gold enters its most powerful bull environment — stagflation.
🚨 US Q1 GDP Today — 3 Scenarios for Gold (6 PM IST)
The US Q1 2026 GDP data is the most important macro event of the week for gold. It releases today at approximately 8:30 AM ET (6:00 PM IST). Context: the US economy absorbed a massive energy shock in Q1 2026 as the US-Iran conflict drove crude from $70 to $108+/bbl. The GDP reading will reveal whether the economy held up — or contracted under that pressure.
Confirms stagflation — high inflation + zero/negative growth. Gold’s most powerful bull environment. MCX targets ₹1,61,000–₹1,63,000. Rate hike probability falls despite high CPI.
Economy held up reasonably. Gold stays rangebound. Most likely scenario. MCX holds ₹1,55,000–₹1,58,000 range.
Strong economy reinforces Fed rate-hike case. Dollar strengthens. Gold under pressure. MCX could pull back toward ₹1,53,000–₹1,55,000 support.
MCX gold can swing ₹1,000–₹2,500 per 10 grams within minutes of the GDP release at 6 PM IST. If you are planning a physical gold purchase today, complete it before 5:30 PM IST to avoid post-GDP volatility. For SGB and ETF investors, the GDP is noise — maintain your SIP regardless of the reading.
📰 Top News Moving Gold Today
Crude oil prices jumped to $120 per barrel on Thursday morning after investors traded cautiously amid reports of a possible US blockade extension at the Strait of Hormuz. This builds on the recent surge that saw crude topping $111/bbl amid UAE’s exit from OPEC+ and ongoing Strait of Hormuz disruption. Gold is up 0.5% in response as the inflation-hedge bid strengthened — crude at $120 is a new 2026 high and adds significant upward pressure to US CPI ahead of the Q1 GDP data.
The UAE’s exit from OPEC+ nations has introduced a new layer of supply-side uncertainty to global oil markets. Upstox data confirms this development preceded crude’s move to $111/bbl before today’s further jump to $120. UAE was one of OPEC+’s most significant output contributors, and its exit weakens the cartel’s coordinated production response capability — complicating global energy supply calculations that directly feed into gold’s inflation-hedge premium.
The first estimate of US Q1 2026 GDP releases today — the dominant macro event of the week for gold. The US economy absorbed major energy shock in Q1 as the US-Iran conflict drove crude prices sharply higher. A contraction or very weak growth (below 1%) would confirm stagflation — high inflation plus stalling growth — gold’s most historically powerful bull environment. LiteFinance confirmed GDP as one of the week’s key volatility drivers.
Upstox data confirms India’s 24K gold has surged from ₹9,764.30/gram on 28 May 2025 to ₹15,843/gram today — a 62.25% year-on-year gain. Over the past 30 days alone, gold rose 3.36% (from ₹15,328/gram on 28 April). The three compounding drivers: (1) global gold’s own 34–40% gain; (2) India’s import duty hike from 6% to 15% on May 13; and (3) the rupee’s depreciation from ~₹84 to ₹96.13 per dollar.
📈 Why India’s Gold Is Up 62.25% Year-on-Year
“Crude oil prices were trading near the $108 per barrel after the OPEC+ decision to raise oil output targets for June 2026 and Trump’s ‘Project Freedom’ move to escort ships out of the Strait of Hormuz. Crude oil jumped to $120/bbl after rising concerns over US blockade extension.” — Upstox Market Data, 28 May 2026
India’s 62.25% YoY gold gain is the result of three major forces compounding simultaneously:
International spot gold surged from ~$3,300/oz in May 2025 to $4,500+ today — a ~36% gain. The US-Iran conflict, persistent inflation, record central bank buying, and de-dollarisation drove this global rally that forms the base of India’s gain.
The rupee has weakened from ~₹84/USD in May 2025 to ₹96.13 today — a 14.4% depreciation. Since gold is priced in USD, this directly amplifies gold’s price in rupees by ~15%, independently of any change in the global dollar price.
India’s import duty hike from 6% to 15% on 13 May 2026 added a further ~9 percentage points to domestic gold prices overnight — raising them structurally above international parity. This duty floor persists until the government reverses it.
China’s PBoC added 8 tonnes in April 2026 — the highest single month in 15 months. WGC confirmed global Q1 2026 demand hit 1,230.9 tonnes — a record. This institutional structural buying provides a price floor that compresses corrections.
The ongoing conflict — now with crude at $120 — keeps energy-driven inflation elevated globally, maintaining the inflation-hedge demand for gold at structurally higher levels than pre-war. Indian petrol at ₹111.18 daily reminds every consumer of this reality.
India’s Q1 2026 gold demand hit a record $25 billion in value terms (nearly double YoY), with gold ETF demand up 197% to 20 tonnes. Strong domestic demand creates a local floor that prevents sharp corrections even when international prices dip.
🔮 Gold Price Forecast 2026 — Updated Expert Targets
With crude oil at $120 and US GDP releasing today, the stagflation scenario — gold’s most powerful bull environment — is increasingly plausible. LiteFinance remains committed to its H2 2026 forecast: “Experts remain optimistic, forecasting the $5,400–$6,000 range by the end of the year, driven by geopolitical factors and continued central bank reserve accumulation.”
| Institution | Target (USD) | India 24K (₹/10g) | Timeframe | Basis |
|---|---|---|---|---|
| Goldman Sachs | $5,400/oz | ~₹1,76,000 | End 2026 | CB buying + stagflation |
| LiteFinance H2 | $5,400–$6,000/oz | ~₹1,76,000–₹1,96,000 | H2 2026 | Geopolitical + CB demand |
| LiteFinance May | $4,380–$5,100/oz | ~₹1,43,000–₹1,66,000 | Month range | Volatility band |
| LongForecast | Up to $6,874/oz | ~₹2,24,000+ | 2026 peak | Extreme bull scenario |
| Crude $120 bull trigger | $4,645–$4,760 near-term | ~₹1,52,000–₹1,56,000 (MCX) | If GDP weak today | Stagflation confirmed |
| USAGOLD physical | Sub-$4,750 = accumulate | Physical buyers active | Ongoing | PBoC 8T Apr; record demand |
| Bear case | $4,260–$3,900/oz | ~₹1,39,000–₹1,27,000 | Iran peace + Warsh hike | Increasingly unlikely at $120 crude |
*India estimates at USD/INR ₹96.13, 15% import duty + 3% GST base. Note: Bear case requires comprehensive Iran peace AND Fed rate hike — significantly less likely with crude at $120. All forecasts are analyst estimates, not guarantees.
💼 Best Ways to Buy Gold in India — 28 May 2026
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Sovereign Gold Bonds (SGBs) — Best Long-Term Play, Tax-Free at Maturity
SGBs track international IBJA prices — bypassing India’s 15% import duty entirely. At current international levels (~$4,500+/oz), SGBs give gold exposure at approximately ₹13,900–₹14,100/gram equivalent — significantly below today’s retail ₹15,606–₹15,843/gram. Add 2.5% annual interest and complete capital gains tax exemption at 8-year maturity. With crude at $120 and LiteFinance targeting $5,400–$6,000 year-end, SGBs at current levels represent an attractive long-term entry. Check RBI’s website for the next tranche opening date and subscribe when it opens. -
Gold ETF SIP — Perfect for Today’s GDP Volatility
With US GDP releasing at 6 PM IST today, gold could swing ₹1,000–₹2,500/10g in either direction. A monthly SIP in HDFC Gold ETF, SBI Gold ETF, or Nippon India Gold ETF removes the need to time today’s GDP outcome — you buy automatically on your chosen date, capturing average prices across all market conditions. Zero making charges, SEBI regulated, tracks international prices (duty-efficient). If you haven’t set up a Gold ETF SIP yet, do it today through Zerodha, Groww, or Upstox — it takes 5 minutes. -
Gold Mutual Funds — No Demat Needed
Axis Gold Fund, ICICI Pru Gold ETF FOF, Kotak Gold Fund. SIP from ₹500/month without a trading account. Perfect for salaried investors wanting systematic gold accumulation. India’s gold ETF demand surged 197% YoY in Q1 2026 (WGC data) — this structural shift toward financial gold instruments is a trend worth joining. Returns mirror ETF performance. -
Physical Gold — Complete Before 5:30 PM IST (Pre-GDP)
At ₹15,606–₹15,843/gram + 3% GST + making charges, physical gold carries the full 15% import duty premium. If you have a near-term wedding or festival need: (1) complete your purchase before 5:30 PM IST today to avoid GDP volatility; (2) use the old-gold exchange route at Tanishq, Malabar, or Kalyan to minimise fresh duty impact; (3) consider 18K or 14K jewellery as GJEPC recommends for lower-cost alternatives; (4) always insist on BIS Hallmark HUID receipt from a certified store.
If today’s US GDP is weak (below 1%) AND crude stays at $120, the stagflation trade is confirmed. In this scenario: (1) SGBs become the single best investment — tax-free 8-year gold exposure with no duty; (2) increase Gold ETF SIP amounts; (3) consider adding silver ETFs (silver historically outperforms gold 2–3× in rate-cut cycles that follow stagflation). Stay away from large lump-sum physical purchases today — wait for the GDP data to settle before committing.
❓ Frequently Asked Questions
On 28 May 2026, 24K gold in India is ₹15,606/gram (₹1,56,060/10g) nationally per Goodreturns. Delhi is ₹15,621/gram (₹1,56,210/10g). The IBJA/Upstox rate is ₹15,843/gram. 22K is ₹14,305–₹14,320/gram. 18K is ₹11,704/gram. All rates exclude 3% GST and making charges. Gold is up 0.5% today on crude oil’s jump to $120/bbl.
Aaj 28 May 2026 ko 24 carat sone ka bhav nationally ₹15,606 per gram (₹1,56,060/10g) hai. Delhi mein ₹15,621/gram (₹1,56,210/10g) hai. IBJA/Upstox rate ₹15,843/gram hai. 22 carat gold ₹14,305–₹14,320/gram hai. Crude oil $120/bbl tak pahuncha hai jisse gold 0.5% upar hai. Aaj US Q1 GDP data release hoga — yeh iss hafte ka sabse bada event hai. Ye rates indicative hain — 3% GST aur making charges alag lagte hain.
Crude oil jumped to $120/bbl on 28 May 2026 after investors traded cautiously amid reports of a possible US blockade extension at the Strait of Hormuz. This builds on UAE’s exit from OPEC+ and ongoing Hormuz disruption that had already pushed crude to $111+. For gold: higher crude → higher global inflation → stronger inflation-hedge demand for gold → gold +0.5% today. Longer term, crude at $120 makes a December Fed rate hike more likely — which is short-term bearish for gold — but if rate hikes cause recession while inflation stays high, the stagflation scenario is gold’s most powerful bull environment.
India’s 24K gold has surged from ₹9,764.30/gram on 28 May 2025 to ₹15,843/gram today — a 62.25% year-on-year gain (Upstox/IBJA data). Three compounding drivers: (1) Global gold bull market — international spot up 34–40% YoY due to US-Iran war, inflation, and central bank buying; (2) Rupee depreciation — from ~₹84/USD to ₹96.13 today (+~15%); (3) India’s import duty hike from 6% to 15% on May 13, 2026 (+~9%). These three factors multiply together to produce the 62.25% total domestic gain.
The US Q1 GDP releases today at 6 PM IST. Three scenarios: (1) Weak GDP (<1%) — Stagflation confirmed → gold rallies to $4,645–$4,760, MCX targets ₹1,61,000–₹1,63,000; (2) In-line GDP (1.5–2.5%) — Gold consolidates near $4,500, MCX holds ₹1,55,000–₹1,58,000 range; (3) Strong GDP (>3%) — Dollar strengthens, gold falls toward $4,380–$4,441 support, MCX tests ₹1,53,000–₹1,55,000. If you have a physical purchase planned today, complete it before 5:30 PM IST to avoid GDP-driven volatility.
Gold at ₹15,606–₹15,843/gram is approximately 2.5–5% below the May 13 duty-hike peak of ₹16,789/gram — offering a modest discount from the peak. Structurally, crude at $120, record central bank buying, WGC-confirmed record India demand, and LiteFinance targeting $5,400–$6,000 year-end all support a bullish medium-term outlook. Our recommendation: start or increase a Gold ETF or SGB SIP today rather than making a large lump-sum physical purchase ahead of the GDP data. The best entry timing for a lump sum will be clearer tomorrow morning once the GDP reaction has settled. Always consult a SEBI-registered financial advisor for personalised guidance.
We’ll publish gold’s US Q1 GDP reaction analysis tonight on our WhatsApp Channel and Telegram. Plus daily gold & silver rates, Hormuz blockade updates, import duty news & government scheme alerts every morning!