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Gold Rate In India Crashed By Rs 48,300 In 10 Days; Know 24K, 22K, 18K Gold Prices; Outlook On May 19
Gold rates in India have declined significantly in the past 10 days, with prices shifting from Rs 99,600 to Rs 95,130 per 10 grams in 24 carats from May 8th to May 18th. Yellow metal in 100 grams of 24 carats has declined by as much as Rs 44,700 these days. What will be the trend of gold prices on Monday, May 19?
The technical indicators hint at a further downside in precious metals. Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities is predicting MCX gold price to remain below Rs 94,000 and COMEX gold to hover around $3,240 levels on Monday.
Gold Prices In India:
On May 18, gold prices stood at Rs 95,130 per 10 grams, and Rs 9,51,300 in 100 grams of 24 carat. While gold prices were at Rs 87,200 for 10 grams and Rs 8,72,000 for 100 grams of 22 carats.
Ten days ago, on May 8, gold prices were at Rs 99,600 in 10 grams and Rs 9,96,000 in 100 grams of 24 carat. Meanwhile, 22 carat gold prices were at Rs 91,300 per 10 grams and Rs 9,13,000 per 100 grams. This is the highest level for gold prices in May month.
From May 8th to May 18th, 100 grams of gold price plunged by Rs 44,700 in 24 carats, while 100 grams in 22 carats dropped by Rs 41,000. The prices of 10 grams of gold are down by Rs 4,470 and Rs 4,100 in 24K and 22K.
MCX Gold Price:
Last week, on May 16, MCX gold price, with June 2025 expiry, stood at Rs 92,480 per 10 grams, down by Rs 689 or 0.74%.
"Gold prices remained volatile, hovering near $3,200 on Comex and ₹92,700 on the MCX, as markets reacted to potential trade agreements between the U.S. and key partners like the UK and China. The absence of a dovish signal from the U.S. Federal Reserve, with no immediate interest rate cut, further limited buying momentum in bullion," wrote Trivedi in a note.
He further said technical indicators suggest continued weakness as long as prices remain below Rs 94,000 on MCX and $3,240 on Comex.
The analyst is predicting that the easing of global risk concerns and a firm dollar may continue to pressure gold in the short term.
Gold Prices In Major Cities:
Overall, gold prices are down by 1% in May month for these cities.
Silver Prices In India:
At present, 1kg of silver price is at Rs 97,000, while 100 grams and 10 grams of silver are available at Rs 9,700 and Rs 970 respectively.
MCX Silver Price:
MCX silver with July 2025 expiry, stood at Rs 95,297 per 1kg, down by Rs 618 or 0.6% on May 16th, 2025.
Spot Gold Price:
Gold slipped to around $3,200 per ounce on Friday, on track for a weekly loss of over 3%, as easing global trade tensions weakened its appeal as a safe haven. The US and China had recently agreed to temporarily reduce tariffs for 90 days, soothing concerns about the prolonged fallout from their trade conflict. Geopolitical risks also appeared to subside, with the India-Pakistan truce holding steady. However, progress in negotiations between Russia and Ukraine showed signs of stalling, as per Trading Economics data.
Comex gold had fallen up to 1-month low last week.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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