Gold prices in Kolkata edged higher on May 12, 2026, with all three caratages posting modest gains over the previous day as renewed geopolitical anxiety drove safe-haven demand globally. The uptick comes even as jewellery stocks across India continue their second consecutive day of sharp declines following Prime Minister Narendra Modi’s appeal to avoid gold purchases for weddings for one year — a divergence that reflects global macro forces pushing prices up even as domestic demand sentiment cools.
Gold rates in Kolkata today — May 12, 2026
24 Carat Gold (99.9% purity)
24K gold in Kolkata is priced at ₹15,398 per gram on May 12, up ₹54 from yesterday’s rate of ₹15,344. For larger quantities, 8 grams of 24K gold costs ₹1,23,184 (up ₹432), 10 grams costs ₹1,53,980 (up ₹540), and 100 grams costs ₹15,39,800 (up ₹5,400).
22 Carat Gold (91.6% purity)
22K gold is priced at ₹14,115 per gram, up ₹50 from yesterday’s ₹14,065. For 8 grams the rate is ₹1,12,920 (up ₹400), for 10 grams ₹1,41,150 (up ₹500), and for 100 grams ₹14,11,500 (up ₹5,000).
18 Carat Gold (75% purity)
18K gold stands at ₹11,549 per gram, up ₹41 from yesterday’s ₹11,508. For 8 grams the rate is ₹92,392 (up ₹328), for 10 grams ₹1,15,490 (up ₹410), and for 100 grams ₹11,54,900 (up ₹4,100).
Note: The above gold rates are indicative and do not include GST, TCS, and other applicable levies. For exact rates contact your local jeweller.
Why are gold prices rising despite Modi’s appeal?
The modest rise in Kolkata gold prices on May 12 reflects global drivers that are independent of — and currently stronger than — the domestic demand sentiment shock triggered by PM Modi’s weekend appeal.
The primary global catalyst is the deepening US-Iran ceasefire uncertainty. President Trump said on May 12 that the ceasefire was “on life support” after rejecting Tehran’s latest peace proposal, sending Brent crude above $105 per barrel and pushing investors toward safe-haven assets including gold and silver. As we reported this morning, silver surged more than 7% to a two-month high on Monday before easing, outperforming gold due to its dual role as both a safe-haven metal and an industrial input with strong physical demand tied to solar panels, EVs, and electronics. Gold’s own gains were more modest but directionally consistent with the same safe-haven flow.
The rupee simultaneously hit a fresh record low of 95.58 against the dollar on May 12 — a development that amplifies domestic gold prices in rupee terms even when international price moves are small, because gold is priced globally in US dollars. A weaker rupee means each dollar of international gold price movement translates into a larger rupee cost for Indian buyers and importers.
Adding a further supply-side dimension, India’s gold imports in April are reportedly set to fall to their lowest level in three decades after banks halted shipments following an unexpected 3% integrated GST demand from customs authorities. Reduced import volumes tend to tighten physical availability in domestic markets, providing another upward nudge to local prices.
The Modi appeal paradox
The juxtaposition on May 12 is striking. Jewellery stocks — Titan, Kalyan Jewellers, Senco Gold — are down for the second consecutive day as the market prices in a potential demand slowdown from Modi’s voluntary appeal. Yet physical gold prices in Kolkata are higher than yesterday. The explanation is straightforward: stock prices are forward-looking and react to demand expectations, while spot gold prices are driven by real-time global macro forces — safe-haven flows, currency movements, and supply dynamics — that no domestic appeal can immediately override. The two can move in opposite directions simultaneously, and on May 12, they are doing exactly that.
Disclaimer: Gold rates are indicative physical market prices as of May 12, 2026, and do not include GST, TCS, or other levies. This article is for informational purposes only and does not constitute investment advice.