Gold rates in India have crashed by at least Rs 6,000 in 24 carat of 100 grams for two consecutive day, this week. On Wednesday, the prices of yellow metal are likely to be elevated ahead of upcoming economic and US FOMC minutes data. 10 grams gold price is below Rs 97,500 levels in 24 carats, while MCX gold rate dipped to reach below Rs 95,100 per 10 grams.
In the early hours of May 28, gold prices in India were volatile. The price of 10 grams of 24 carat gold was down by Rs 18 to Rs 97,470, while the price of 100 grams of gold slipped by Rs 100 to Rs 9,74,700.
In the case of 22 carat, gold prices are down by Rs 10 to Rs 89,340 in 10 grams, and lower by Rs 100 to Rs 8,93,400 in 100 grams.
Additionally, the 10-gram gold price shed Rs 10 to Rs 73,100 in 18 carats, and eventually, the gold rate was down by Rs 100 to Rs 7,31,000 in 100 grams.
This performance comes after 100 grams gold price dropped by Rs 1600 on May 27th in 24 carat, and down by Rs 4,400 on May 26th. The gold rates in 22 carat declined by Rs 1500 on May 27 and by Rs 4000 on May 26.
Accordingly, the prices of 24 carat and 22 carat gold in 100 grams have crashed by Rs 6,000 and Rs 5,500 during these two days, respectively.
MCX Gold Price, with June 2025 expiry, stood at Rs 95,125 per 10 grams, down by Rs 18 or 0.02%. The bullion had touched an intraday low of Rs 94,932 per 10 grams during trading hours of May 27th.
Meanwhile, MCX silver price with July 2025 expiry, closed at Rs 97,465 per 1kg on Tuesday, down by Rs 10 or 0.01%. The silver hit its lowest intraday price of Rs 96,496 per 1kg.
"Gold prices extended their decline, dropping another ₹900 to settle at ₹95,050 on the MCX a 0.90% fall as global risk sentiment improved. The pullback follows easing geopolitical tensions between Israel and Hamas and ongoing tariff relief measures, reducing safe-haven demand," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said.
Gold Prices Outlook On May 28:
Spot Gold fell more than 1% to below $3,310 per ounce on Tuesday, extended its losing steak for second session in a row, as apetite for safe-haven weakened amid investor optimism on improvement in trade relations between the US and the EU.
As per Trading Economics data, sentiment remains cautious, with investors closely monitoring global developments-including the widening of US budget deficit, ongoing trade talks, and geopolitical tensions in the Middle East and Ukraine, all of which could influence gold's appeal as a haven. Investors now await the release of the latest FOMC Minutes on Wednesday and the PCE inflation data on Friday for fresh insights into the Federal Reserve's interest rate outlook.
In the international market, Trivedi said, Comex gold is expected to trade in a lower range of $3,250 to $3,325, while the domestic outlook now shifts to Rs 93,000-Rs 96,000.
"With key U.S. macroeconomic data scheduled this week including the FOMC meeting minutes, Q1 GDP figures, and the Core PCE Price Index volatility in gold is likely to stay elevated as traders look for signals on inflation and interest rate direction," said the analyst.
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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