Gold prices in India crashed: Gold prices in India dropped massively by as much as Rs 21,800 in 100 grams of 24 carats. Prices nosedived by Rs 20,000 and Rs 16,400 in 22 carat and 18 carat gold prices as well. The performance comes during the time of Maharashtra Day which is widely celebrated. In Mumbai, 10 grams gold price dropped below Rs 96,000 in 24K, while 22K and 18K gold prices of 10 grams erased Rs 88,000 and Rs 72,000 mark.
In 24 carats, 100 grams of gold plunged by Rs 21,800 to Rs 9,57,300 on May 1st, while the prices tumbled by Rs 20,000 to Rs 8,77,500 in 22K, and down by Rs 16,400 in 18K to Rs 7,18,000.
10 Grams Gold Prices:
The 24 carat gold of 10 grams dropped by Rs 2,180 to Rs 95,730, 22 carat gold dipped by Rs 2,000 to Rs 87,750, and 18 carat gold price plummeted by Rs 1,640 to Rs 71,800.
8 Grams Gold Prices:
This lower gram of gold also saw a significant decline. On May 1st, 24K gold price in 8 grams declined by Rs 1,744 to Rs 76,584, while prices plunged by Rs 1,600 and Rs 1,312 in 22K and 18K to Rs 70,200 and Rs 57,440 respectively.
1 Gram Gold Prices:
The lowest gram gold price is at Rs 7,180 in 18 carat, down by Rs 164. While 24 carat gold in 1 gram was lower by Rs 218 to Rs 9,573, and 22 carat gold price slipped by Rs 200 to Rs 8,775.
Silver prices in Mumbai plunged for second consecutive day. On May 1, silver price dropped by Rs 2,000 to Rs 98,000 per 1kg, while 100 grams and 10 grams silver prices got dearer by Rs 200 and Rs 20 to Rs 9,800 and Rs 980 respectively. 8 grams of silver is down by Rs 16 to Rs 784, and the cheapest silver price is at Rs 98 per 1 gram, down by Rs 2.
Maharashtra Day 2025:
Maharashtra Day is a major holiday for the people of Marathi. It is a state holiday and is also referred to as Maharashtra Din popularly. May 1st commemorates the formation of the state of Maharashtra in the country, right from separating the Bombay State on 1 May 1960.
Maharashtra Day is commonly associated with parades political speeches and ceremonies, in addition to various other public and private events celebrating the history and traditions of Maharashtra. It is celebrated to commemorate the creation of a Marathi-speaking state of Maharashtra, as per Wikipedia.
Gold Prices In India Outlook:
Anoop Vijaykumar, Head of Research, Capitalmind Financial Services Pvt Ltd, said, "Gold's history reveals its dual nature: an enduring store of value and a volatile investment prone to long drawdowns. Despite its volatility in USD, Gold has been a relatively safer asset for Indian investors on account of the Rupee's depreciation versus the USD. While it won't generate cash flows or compound like equities over decades, its low correlation with other assets makes it invaluable for diversification. The best way to include gold in your portfolio is through systematic rebalancing-not as a reactionary move driven by FOMO but as part of a long-term strategy designed to weather market cycles."
As per the study, gold is expected to approach USD 3,300 per ounce in 2025, driven by fears of slowing U.S. growth, geopolitical tensions, and rising fiscal deficits. This surge has coincided with a correction in equity markets, sparking renewed interest in gold as a portfolio diversifier.
Key Drivers Of Gold as per Capitalmind are:
- Trade War Escalation: U.S. tariffs on Chinese goods (145%) and retaliatory Chinese tariffs (125%) fueled safe-haven demand. Analysts link a $800/oz price surge in 2024 to trade-related uncertainty.
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