On May 18, 2026, global precious metals markets diverged: spot gold rose to $4,550/oz then pulled back, while India saw nationwide panic buying after the government imposed successive gold import curbs. Wedding jewelry sales surged 15%–20% in two days; consumers stocked up early for year-end weddings, and some shops ran out of stock.

To stabilize the rupee and ease current account pressures, India recently raised import duties and tightened quotas, widening domestic price premiums and triggering panic buying. Globally, gold faces conflicting forces: on the hawkish Fed outlook and stronger dollar weigh on prices; on the other hand, Middle East tensions, global economic uncertainty, and central bank buying provide support. Goldman Sachs reiterated its year-end target of $5,400/oz, arguing that safe-haven demand and official-sector purchases will dominate the medium-to-long term. In the near term, gold may stay range-bound at elevated levels, with geopolitics and Fed policy as key catalysts.