Among major currencies, the Indian rupee delivered the highest gold returns in May 2026. Gold gained 4.10% in INR terms, outperforming USD, EUR, JPY, TRY, and other global currencies.
INR Tops Global Gold Returns in May 2026: Gold had a mixed month in May 2026. The World Gold Council said gold fell 1% for the month and finished at US$4,546 per ounce. In most big currencies, the return was negative. The only clear monthly gains were in India and Turkey, while Japan was just slightly positive.
India was the big exception because local gold prices rose after the government lifted import duty on gold and silver to 15% from 6% in May. Reuters reported that this tax change helped push up domestic prices even while global gold stayed weak. That is why Indian gold gave the best monthly return, at 4.10%, and also the strongest year-to-date return, at 17.60% by May 29, 2026.
What the Numbers Say
Gold returns in various currencies in May and YTD
| USD (oz) | EUR (oz) | JPY (g) | GBP (oz) | CAD (oz) | CHF (oz) | INR (10g) | RMB (g) | TRY (oz) | AUD (oz) | |
|---|---|---|---|---|---|---|---|---|---|---|
| May price | 4,546 | 3,895 | 23,268 | 3,376 | 6,273 | 3,552 | 155,964 | 986 | 208,676 | 6,323 |
| May return | -1.40% | -1.00% | 0.20% | -0.60% | -0.10% | -1.60% | 4.10% | -2.70% | 0.20% | -1.50% |
| Y-T-D return | 4.10% | 4.80% | 6.00% | 4.10% | 4.90% | 2.80% | 17.60% | 1.30% | 11.30% | -3.00% |
Source: WGC website, returns as of May 29, 2026
The WGC summed up “Gold fell 1% in May, finishing the month at US$4,546/oz, and marginally lower in most major currencies. India and Turkey saw monthly gains,”.
What this means for Gold
The WGC said there were no big clear drivers from its model in May. It pointed to better risk mood in markets, small ETF outflows, some help from a weaker US dollar, and some support from European ETF inflows. It also said gold could still face pressure if energy prices stay high and the Strait of Hormuz tension continues.
The council also discussed the US Federal Reserve. It said, “It is our view that a hike may counterintuitively benefit gold when it happens,” and explained that a rate hike can hurt risk assets and the wider economy.
For India, the local gold return for the year so far was 17.60% by May 29, 2026, which was much higher than most other currencies in the WGC table. That happened because global prices were only part of the story. The import duty change made Indian gold more expensive at home, so the local market moved differently from the world market.