Gold Price India, May 2: Sharp Rise In 24K, 22K, 18K Yellow Metal; Silver Price Jumps

Gold Price India witnessed sharp rally today after cautious approach maintained by the US Federal Reserve in the FOMC meeting held on Wednesday. 22K gold price in India today got dearer by Rs 700 to Rs 66,250/ 10 grams while 100 grams of 22 carat yellow metal prices surged by Rs 7000 to Rs 6,62,500 today. 24 carat yellow metal prices soared by Rs 760 to Rs 72,270/10 grams and 100 grams of 24 carat gold price today is quoted at Rs 7,22,700 after rally by Rs 7,600. If you are planning to buy 10 grams of 18 carat gold today, you need to pay 54,210 after the price rose by Rs 580. 18K gold price for 100 grams in the country today is Rs 5,42,100 after gain by Rs 5,800.

Anuj Gupta, Head of Commodity & Currency at HDFC Securities commented on the soaring prices ahead of Akshaya Tritiya 2024, "gold price today is in uptrend after the cautious approach by the US Fed in FOMC meeting. The US Fed chairman has downplayed the US Fed rate high buzz, which has gone down well in the bullion market."

Silver prices India jumped by Rs 500 for 1 kg to Rs 83,500 on May 2, 2024. Silver prices rallied by Rs 50 for 100 grams to Rs 8350 on Thursday.

Sugandha Sachdeva, Founder of SS WealthStreet spoke on why yellow metal rallied today, 'Gold prices have witnessed a rebound after the recent bout of corrective moves seen towards the end of April. This can be attributed to the shift in sentiment surrounding monetary policy by the US Federal Reserve. The yellow metal reacted positively as the US Fed downplayed the possibility of rate hikes and indicated that it is eventually leaning towards the monetary easing cycle. Despite the recent rebound in gold prices prompted by signals of a potential easing cycle from the US central bank, it's important to note that the central bank has maintained a cautious stance."

Gold futures, maturing on June 5, 2024, quoted at Rs 71,175/10 grams on the MCX, after registering a rally of Rs 450 or 0.64%. The earlier close was registered at Rs 70,725. On the other hand, silver futures, maturing on July 5, 2024, rallied by Rs 159 or 0.20% and quoted at Rs 81,386/kg on the MCX as against the earlier close of Rs 81,227.
"As for the price outlook, gold in the international markets is seen finding some cushion around the $2300-2280 per ounce zone while at the domestic markets, prices are underpinned by the Rs.70500-70400 per 10gm zone, leading to an uptick in prices. Looking ahead, while a recovery in gold prices is anticipated, significant resistance is expected around the $2400 per ounce mark or Rs.72600 per 10gm level in the near term," Sugandha stated.

24k/10 Grams Gold Price Movement In Last 10-Days In India

Yellow metal prices jumped by Rs 760 today, declined sharply by Rs 1090 on May 1, stayed stable on April 30, declined by Rs 330 on April 29, 2024, remained unchanged on April 28 (Sunday), jumped by Rs 220 on April 27, soared by Rs 440 on April 26, fell by Rs 380 on April 25, rose by Rs 490 on April 24, fell sharply by Rs 1530 on April 23, and slipped again by Rs 550 on April 22.

1kg Silver price movement in last 10-days

Silver prices soared by Rs 500 today, fell by Rs 500 on May 1, dived by Rs 500 on April 30, remained stable on April 29, April 28, fell by Rs 500 on April 27, jumped sharply by Rs 2000 on April 26, fell by Rs 400 on April 25, declined marginally by Rs 100 on April 24, slipped sharply by Rs 2500 on April 23, and fell by Rs 1000 on April 22.

Gold prices In 5 Major Metropolitan Cities Of India On May 2, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 67,150 and cost of 10 grams of 24 carat gold is Rs 73,250.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on May 2 is Rs 66,250 and cost of 10 grams of 24 carat yellow metal is Rs 72,270.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on May 2 is Rs 66,400 and cost of 10 grams of 24 carat gold is Rs 72,420.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on May 2, 2024 is Rs 66,250 and cost of 24 carat of 10 grams gold is Rs 72,270.

Gold Price Kerala: Cost of 10 grams of 22K gold in Kerala on May 2 is Rs 66,250 and price of 24K yellow metal is Rs 72,270/10 grams.

Yellow Metal Price Bangalore: Price of 10 grams of 22 carat gold in Bangalore on May 2 is Rs 66,250 and cost of 10 grams of 24K yellow metal is Rs 72,270.