Gold price falls for 3rd day in Chennai after customs duty hike to 15%

Direct fact

In May 2026, Chennai’s 22-carat jewellery gold price fell for the third consecutive day, dropping by ₹1,200 per sovereign on 28 May to ₹1,16,000, after the Union government raised customs duty on gold from 6% to 15% on 13 May.

Key specifics

• 22-carat gold in Chennai fell by ₹150 per gram on 28 May 2026, taking the rate to ₹14,500 per gram.
• 24-carat gold also declined by ₹1,312 per sovereign, with the price quoted at ₹1,26,544 per sovereign.
• 18-carat gold fell by ₹1,040 per sovereign and was sold at ₹97,280 per sovereign.
• Silver prices dropped by ₹5 per gram to ₹285, while bullion silver fell by ₹5,000 per kilogram to ₹2,85,000.
• The article links gold pricing to global factors such as crude oil, the US dollar–rupee exchange rate, world stock markets, and Middle East war tensions.

Exam lens

Question type: Economy and market trends, gold import duty, price calculation; key facts: 13 May 2026 customs duty 6% to 15%, 28 May 2026 Chennai 22-carat gold ₹14,500 per gram, ₹1,16,000 per sovereign, silver ₹285 per gram. TNPSC one-liner: gold price movements are often asked with duty changes, units like gram and sovereign, and the role of global market factors.