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Personal Finance News

Which currency delivered the best gold returns in May 2026: INR, USD, EUR, JPY or TRY?

rajeev kumar
By Rajeev Kumar

3 min read | Updated on June 09, 2026, 19:08 IST

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SUMMARY

Indian currency beat major global currencies with the best gold returns in May and year-to-date (YTD), according to the World Gold Council.

best gold returns in May

INR delivered best gold returns in May 2026. | Representational image

Gold prices fell in most global currencies in May, except India, where the government increased the import duty on the yellow metal. According to the World Gold Council data, the returns from gold were highest in INR (4.10%), followed by Turkish currency TRY (0.2%) and Japan's JPY (0.2%). The returns from the yellow metal were negative in most other currencies in May.
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The year-to-date return from gold has also been the highest in the Indian currency at 17.6% till May 29, 2026, followed by TRY (11.3%) and JPY (6%). Check the table below for gold returns in May and YTD returns.

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 price4,5463,89523,2683,3766,2733,552155,964986208,6766,323
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 return4.10%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

"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," the WGC said in its recent gold market commentary.

US rate hike impact on gold

While many believe that a rate hike by the US Fed may have a negative impact on gold, the WGC commentary underscores the possibility of the rate hike but argues that such a move could end up benefiting the yellow metal.

WGC says the rate hike may spell trouble for risk assets and the economy.

However, when it comes to gold, they said, "The Fed may have to hike later this year and that could spell trouble for risk assets and the economy. History is mixed when it comes to hikes and gold’s response."

"It is our view that a hike may counterintuitively benefit gold when it happens, WGC added.

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About The Author

rajeev kumar
Rajeev Kumar is a Deputy Editor at Upstox, and covers personal finance stories. In over 11 years as a journalist, he has written over 2,000 articles on topics like income tax, mutual funds, credit cards, insurance, investing, savings, and pension. He has previously worked with organisations like 1% Club, The Financial Express, Zee Business and Hindustan Times.

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